The Azkoyen Group, a multinational Spanish company which supplies products and automated services, has recently completed the acquisition of  100% of the Latvian Vendon company, part of the Draugiem group, leader in the connectivity and IoT solutions for digital payments and telemetry in central Europe.

The company, founded in 2011 and with its headquarters in Riga, has among its most important markets France, Germany, Benelux and United Kingdom and can boast more than 45.000 vending machines connected. During these 11 years, the company has passed from an operator role at European level, to a qualified global actor with machines connected in more than 82 countries. Vendon’s potential lies in its high level of competence and research and development, this is the reason why the management and the employees of the company are now part of Azkoyen Group.

The acquisition of Vendon permits to reinforce the Payment Technologies division of the Azkoyen Group and in particular Coges and Cashlogy brands, thanks to the development of new payment systems integrated with hardware and intelligence solutions on the Cloud.

Juan José Suárez, President of the Azkoyen Group, commented the acquisition and declared: “We are very glad of the Vendon acquisition, not only because it’s a great company with and extraordinary  competence, talent and a wide experience in research and development, but also because many synergies generated will have an important impact on our growth plans and our revenues in the payment, connectivity and  IoT segments, so important for our development. The innovations and solutions that Vendon brings to the Group will become an advantage for our Customers a well, improving their profitability in a short, average and long term”.

Daniele Ioriatti, Coges Sales Manager, added: “In the last years Coges strategy has been decisively oriented to the development of payment solutions integrated with the Cloud, without ignoring the traditional cashless  and cash systems. The integration with Vendon in the Azkoyen Group will contribute to reinforce our growth in this direction and we will be proud to cooperate to this decisive synergy.”

The new services will help also Coges Customers to optimize their business in vending, reducing the maintenance visits with the help of online intervention and improving the performances of the vending machines thanks to the analysis of the sales in real time, to the check of the stock to the use of innovative contactless and mobile payment systems and the improvement of the customer experience.

Following many strategic meetings occurred in these last months both in Italy, in Spain in Latvia, this week a commercial and marketing team of Vendon will visit Coges to become familiar with the payment system of the company near Vicenza.  The mutual knowledge between the companies will strengthen with a successive visit of Coges commercial team and Customer service by the headquarters of Vendon at Riga, which will be held within the half of December.

This acquisition is a further step in the growth strategy of Azkoyen Group, which already showed a strong commitment to develop and expand its segments of payment systems, connectivity and  IoT, that is the segments with higher growth and potential for the Group.