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EQS-News: Shelly Group AD / Key word(s): Takeover
Shelly Group acquires LOQED assets and expands into growth segment smart locks
2024-07-11 / 08:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
Shelly Group acquires LOQED assets and expands into growth segment smart locks
Sofia / Munich, 11 July 2024 - Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) ("Shelly Group"), a provider of IoT
and smart building solutions based in Sofia, Bulgaria, is strategically broadening its product categories and expanding
into the growth segment of intelligent door locks (smart locks). To this end, the Company has acquired the material
assets, including the technology (intellectual property, IP) and the inventory, of the Dutch company LOQED B.V., which
is currently undergoing insolvency proceedings. The deal also includes direct access to the contract manufacturer's
plant in the People's Republic of China and to the suppliers of the primary products, so that both the immediate
takeover of production and its future optimization can take place seamlessly. The purchase price payment is in the
region of EUR 0.15 million and will be made in cash. Shelly expects significant revenue and earnings contributions from
the sale of smart locks from 2025.
Shelly will integrate LOQED into the Shelly product portfolio and Shelly Cloud solutions as quickly as possible in
order to provide the Shelly user experience that customers cherish. For customers to continue using their existing
LOQED locks without restriction, Shelly will initially continue to operate the LOQED platform and subsequently embed it
into Shelly Cloud solutions as part of the upcoming integration.
With its expansion into the smart locks product category, Shelly is tapping into a globally growing segment which,
according to market studies, is set to grow by an average of 15.4% annually to up to USD 5.8 billion by 2029. Growth
drivers besides the use in private households are in particular applications for companies and public institutions for
the secure and simple management of various physical entrances via remote access as well as the ability to monitor the
security of premises. For example, various hotels are planning to introduce Bluetooth or WiFi-enabled locks instead of
RFID locks accessible via smart cards in order to improve security, customer service, and the quality of stay in their
premises. In addition, smart locks offer high growth potential for use in companies and organizations, as many people
need access to the same facility.
Wolfgang Kirsch, Co-CEO of the Shelly Group, explained: "By acquiring LOQED's technology and inventory, we are
intelligently tapping into a sustainable growth market. The double-digit growth rates in this market segment are an
excellent fit for Shelly. In addition, we will be able to generate revenue from the sale of existing products from day
one while we continue to develop the technology and realize efficiency potential. We are confident that with LOQED as
part of Shelly, we will be able to generate significant revenue and earnings contributions as soon as 2025. True to our
'value for money' approach, the cost benefits will of course also be reflected in the prices for our customers."
LOQED smart locks are characterized by high-quality and robust stainless-steel hardware and are compatible with a
variety of home automation systems. The door is opened via a smartphone using Bluetooth or alternatively by entering a
code manually. The locks have numerous intelligent functions such as time-controlled opening and closing or access
notifications. Guest links can be sent to friends and guests to open and close the door via their browser. LOQED locks
are certified in accordance with EN 1303, EN 15684, and SKG-IKOB-Opleidingen, the leading test institute for the
construction sector in the Netherlands and Belgium, as particularly robust and burglar-resistant (3 stars).
Dimitar Dimitrov, Co-CEO of Shelly Group, added: "LOQED's smart locks fit perfectly with our approach of seamless
integration and interoperability of hardware and software. We intend to add further APIs to the locks for a wide range
of providers and use cases, offering even more added value in smart building solutions. We will also take cost and
energy efficiency into account and make smart locks accessible to an even wider range of users. Based on our experience
with the existing product categories, we also want to set new standards of excellence for end users and professional
users in this segment."
About Shelly Group
Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and
distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly
Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing
competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria,
Germany, and Slovenia as well as in China and USA. Shelly Group's products have already conquered over 100 markets.
Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange
as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, Ticker SLYG.
Contact Investor Relations
CROSS ALLIANCE communication GmbH
Sven Pauly
Phone: +49 89 125 09 0331
Mail: sp@crossalliance.de
www.crossalliance.de
2024-07-11 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com  
Language:     English 
Company:      Shelly Group AD 

103 Cherny Vrah Bldv
1407 Sofia
Bulgaria

E-mail:       investors@shelly.com 
Internet:     www.corporate.shelly.com 
ISIN:         BG1100003166 
WKN:          A2DGX9 
Listed:       Regulated Market in Frankfurt (Prime Standard) 
EQS News ID:  1941527 

End of News EQS News Service
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1941527 2024-07-11 CET/CEST

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END) Dow Jones Newswires

July 11, 2024 02:32 ET (06:32 GMT)