A transaction has taken place in the Latvian information technology sector as part of which the electrical networks and building management systems engineering solutions company SIA “Echoo Group” has expanded its operations by acquiring majority stake in the Latvian automation system manufacturing company SIA “BISS”.
As a result of the transaction, expertise of SIA "Echoo Group" in building automation and engineering systemswill be successfully complemented bySIA "BISS" long-term experience in development and production of automation systems, thus providing innovative solutions for the growing demand for modern premises, safer and more comfortable everyday life.
"The expansion is part of Echoo Group's growth strategy and ambition to become the leading manufacturer of building and urban automation systems in the Baltics. Our long-term plans include expanding operations into new areas, including smart city infrastructure, parking management and other data processing solutions. After the acquisition of the company, a plan to integrate it and bring new products to the market will be implemented," note Gļebs Kiseļovs and Annija Eizenarma, owners of Echoo Group.
Founder of SIA "BISS" Izrails Blūmenaus: "Thanks to the Prudentia attracted investor, the company I have established and cherished for years will continue to develop and grow along the new owner, while I will be able to relieve myself of administrative matters and focus on the development of modern technical solutions."
"I am very pleased to implement the succession plan of the company's founder. Prudentia's goal was to attract an investor that would value the experience and products that SIA "BISS" has developed. The combination of the two businesses opens up opportunities to achieve new and ambitious goals both in the domestic and export markets," said Ēriks Melbārdis, Associate Director of Prudentia.
SIA BISS owner was represented by Prudentia.
About the company
SIA "BISS" is a market leader with more than 25 years of experience, known to the general public under the FidPark and dAccess brands, providing services in parking management systems, access control systems, payment systems in compliance with the Cabinet Regulation No. 96, as well as in the design, installation and servicing of video surveillance solutions. SIA "BISS" clients include companies such as Riga International Airport, Latvenergo, Gaso, Rīgas Satiksme, RIMI Olympic Centre, Europark, Cityparks and other Latvian private and public sector companies.
About the buyer
With more than 150 completed projects in Europe, Echoo Group is a leader in the design and construction of engineering networks, providing a wide range of services. Echoo Group develops solutions for engineering networks, smart homes and building management systems for different types of buildings. In 2021, SIA "Echoo Group" has shown an annual growth of more than 50% in terms of turnover, projects completed and number of employees.