Shelly Group continues to invest in growth and moves into new office building

Shelly Group continues to invest in growth and moves into new office building

Sofia / Munich, 05 March 2024 – Shelly Group AD (Ticker SLYG / ISIN: BG1100003166) ("Shelly Group"), a provider of IoT and smart building solutions based in Sofia, Bulgaria, has today signed a 10-year lease agreement for a new building with workplace space for up to 250 employees as part of its growth plans. The modern office building is conveniently located in the Bulgarian capital and will provide Shelly Group employees with a more flexible and sustainable working environment. The relocation of the approximately 140 employees is scheduled to take place by the end of September of the current year at the latest. At the same time, Shelly is already in advanced talks with interested parties for the sale of the previous company building.

Dimitar Dimitrov, Co-CEO of Shelly Group, commented: “By moving to our new company headquarters, we are creating a future-oriented working environment for our employees in a central location. This will strengthen our ties to Sofia and attract new talents at the same time. The new space is based on the "New Work" concept and takes into account the flexible working methods since the pandemic. We are thus creating a modern corporate headquarters with more space for cross-team exchange and projects and at the same time more designated rooms for focused work. Our employees are at the heart of our success. We want them to feel at home with us and this naturally includes an excellent working environment. I am looking forward to the exciting new solutions and products that we will develop for our customers in this environment.”

Wolfgang Kirsch, Co-CEO of Shelly Group, added: “Our new company headquarters are fully in line with Shelly's value-for-money approach. With the planned sale of our existing office building, we are freeing up tied-up capital for additional investments. At the same time, the ten-year lease agreement for a new and in many respects more efficient building offers us a very good balance between stability and flexibility given the agreed termination terms. According to current planning, the new office space will provide us with sufficient capacity until at least 2027 for the planned increase in staff as part of the company's future growth. With the excellently equipped new building, we are strengthening our position as an attractive employer and convincing young people to see their professional future with Shelly in the long term.“

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.

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