Azkoyen Group has acquired Vendon, a leading Central European IoT and payment solutions provider, to enhance its position in the European market and accelerate technological advancements.

Target Overview

Vendon, established in 2011 and headquartered in Riga, Latvia, is a prominent player in Central Europe specializing in IoT, telemetry, and payment solutions tailored for the vending and coffee machine sector. With over 45,000 connected machines, Vendon has extended its presence beyond Europe, operating in over 82 countries and increasingly positioning itself as a global market participant. Notably, over 55% of the company's revenue is derived from recurring sources, underscoring its strong customer relationships and stable revenue stream.

Industry Overview

The Central European IoT market has been experiencing rapid growth, driven by increased demand for automated solutions across various sectors, including vending and coffee services. As businesses strive for efficiency, companies like Vendon that provide telemetry and remote management systems are transforming traditional practices. The proliferation of connected devices is also fostering innovation in payment systems, with a shift towards cashless transactions being observed across the region.

In the vending industry specifically, market players are adapting to evolving consumer behaviors, with an emphasis on providing seamless payment solutions and monitoring capabilities. This has become crucial in attracting a tec