Shelly Group Acquires LOQED Assets and Expands into Smart Locks

Shelly Group AD, based in Sofia, Bulgaria, has completed the acquisition of assets from the Dutch company LOQED B.V., which is currently in insolvency proceedings. The deal includes LOQED's technology, inventory, and access to their contract manufacturer's plant in China. Shelly paid approximately EUR 0.15 million in cash for these assets.

Shelly will integrate LOQED's smart locks into its existing product portfolio and expects significant revenue from this segment starting in 2025. The global market for smart locks is projected to grow at an average of 15.4% annually, reaching up to USD 5.8 billion by 2029.

Smart locks are becoming increasingly popular for their application in both private households and commercial settings such as hotels and businesses, where they offer enhanced security and ease of access. The acquired LOQED locks feature robust stainless-steel hardware, Bluetooth connectivity, and various smart functions.

Shelly Group aims to further develop the technology, optimize production, and integrate LOQED's products into Shelly Cloud solutions. Shelly's Co-CEO, Wolfgang Kirsch, highlighted the growth potential and revenue opportunities this acquisition brings, while Co-CEO Dimitar Dimitrov emphasized the seamless integration and interoperability of the new products.