Yepzon to solidify position in the US
The Finnish developer of a family of locator and tracking devices has signed a letter of intent to merge its US-based affiliate, Yepzon Inc., with its licensing partner PocketFinder.
The transaction will see Location Based Technologies (LBT), the company behind PocketFinder, acquire an undisclosed stake in Yepzon Inc., enabling the Finnish wearable tracking device manufacturer to increase its net sales and market share in the US.
“Our licensing co-operation has shown that there is remarkable growth potential in the US markets,” tells Otto Linna, the founder and chief executive of Yepzon.
“As a technology leader, it is natural for us to shift our focus in the consumer business to what is the largest market in our industry. Together with PocketFinder, we can increase our advantage also with strong brands,” he states.
Dave Morse, the CEO of LBT, estimates that the fragmented nature of the locator and tracking device market makes this the right time for expanding what was already a valued collaborative relationship.
“Now is an opportune time to bring two leading companies together and build co-operation based on the strengths, expertise and capabilities of both partners,” he says.
Yepzon is also off to a solid start with its latest crowdfunding campaign on Invesdor, an equity-based crowdfunding platform headquartered in Helsinki. The Tampere-based tracking device manufacturer received 180 000 euros – over 40 per cent of its minimum target of 450 000 euros – in provisional subscriptions.
The maximum target has been set at 1.2 million euros.
“Our previous crowdfunding round was a success, and we reached our maximum target in record time. We received plenty of feedback from investors who were unable to participate at that time,” tells Linna.