iLOQ Ltd. evaluates options to strengthen its resources and to ensure business growth
The iLOQ Ltd. (“iLOQ” or “Company”), a growth company for digital locking and access management, has decided to investigate and evaluate the opportunities for listing the company’s shares on the Nasdaq Helsinki Ltd stock exchange listing and other possible options to ensure the company’s rapid growth and internationalization. The evaluation process will be implemented during 2018 and will be assisted by Carnegie Investment Bank AB, Finland Branch.
The company’s net sales in 2017 were EUR 40.3 million (EUR 33.7 million in 2016) and net profit for the financial year was EUR 7.2 million (EUR 3.8 million in 2016). iLOQ’s growth was strongest in Germany and Denmark.
“The market is changing: digital locking powers the area from mechanical locking. We need resources so that we can react quickly in changing market. The company will also consider acquiring additional capital to speed up growth and internationalization. The company’s good financial position would also strengthen its risk-taking capability, “says Veijo Karppinen, Chairman of the iLOQ’s Board.
“ILOQ brings the new iLOQ S50 product utilizing NFC technology and smartphone to the new market segment. This supports the company’s growth strategy, but also requires additional resources and inputs to grow the business on the global market. It is clear that any listing would also strengthen the company’s position and increase its reputation among the various stakeholders in the company, “continues Karppinen.
Board of Directors
For more information:
Veijo Karppinen, Chairman of the Board, tel. +358 40 8371 210
Heikki Hiltunen, President and CEO, tel. +358 40 3170 260
iLOQ is rapidly growing and internationalizing Finnish technology company that transforms mechanical locking into digital access management.
iLOQ provides self-powered digital locking and access management systems that revolutionizes the locking industry. The company’s solutions are based on its self-developed technologies and proprietary patents that enable electronic locking without batteries or cables.
In 2007, iLOQ introduced the world’s first and only electronic locking system which harvests the needed energy from key insertion. The management of access rights with the digital iLOQ S10 locking system is easier and more secure than with mechanical systems. Its maintenance and life cycle expenses are significantly lower than those of mechanical or battery-operated electromechanical locking systems. In the spring of 2018, the company will launch the iLOQ S50 product family that utilizes NFC technology and smartphone.