Business News

Iskra Zaščite Buys Smart Energy Solutions Company

Ljubljana, 28 November (STA) - Iskra Zaščite, a Ljubljana-based maker of surge protection systems, has acquired a majority stake in smart energy solutions company Solvera Lynx for an undisclosed sum, representatives of Iskra Zaščite announced on Thursday.

Owner of Iskra Zaščite Otmar Zorn said the acquisition is part of the company's expansion to smart energy services. "We want to sell Slovenian know-how on the global market," Zorn said about the deal concluded on 22 October.

The purchase of 61% in ordinary shares and all of priority shares in Solvera Lynx will enable the company to make a breakthrough on the energy management market, general manager Goran Vučinič said.

"We are working with many customers abroad who have made us realise that we can expand our operations to new fields and at the same time we wanted to work only with the best development teams as the market is already saturated with average solutions," Vučinič added.

The company's aim for the four-year period running until 2016 is for sales of electronics and electricity management solutions to make up EUR 7-8m in total revenues.

Iskra Elektrika generated sales of EUR 18.4m and made a net profit of EUR 2.6m in 2012. It is aiming to increase revenues by 5% this year.

Its acquisition target is much smaller in terms of revenues, generating EUR 1m in sales last year, but has grown quickly since its incorporation into a stock company in 2008.

The founder of Solvera Lynx Peter Kobal said that teaming up with Iskra Zaščita will enable it to realise its goal of expanding to foreign markets.

"Solvery Lynx has done its homework on the Slovenian market and has grown to a point where the only strategy is to go global. Given that Iskra Zaščite operates successfully in 60 countries, this deal is an ideal platform for realising this goal," general manager of Solvera Lynx Robert Srebotič said.

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