BUCHAREST (Romania), August 19 (SeeNews) - Denmark's Shape Robotics said on Friday that it has signed an agreement to acquire all shares in Romanian technology company Video Technic Systems (VTS) for 1.25 million euro ($1.26 million).
The acquisition will allow Shape Robotics to increase its capability to deliver turnkey EdTech solutions in Central and Eastern Europe, the Danish company said in a statement published on its website.
You can subscribe to our M&A newsletter here
The deal is pending approval from anti-trust authorities in both countries and is expected to be signed before September 9.
VTS was established in 2014 in Bucharest and had twelve employees at the end of 2021. The company posted a net profit of 714,632 lei ($147,508/146,422 euro) and a turnover of 17.7 million lei in 2021, according to data from the finance ministry.
In April, Shape Robotics said that it has signed an agreement with local peer KUBO Robots to distribute educational robots to schools in Romania and has signed a three-year distribution deal with Romanian IT&C retailer Altex for robots, printers, virtual reality glasses and educational software.
Shape Robotics already has a major agreement with several schools in Romania for the supply of the same types of products. In 2022 alone, the company will supply equipment to 100 SmartLabs in Romanian schools under a 60 million Danish crowns ($9 million/ 8 million euro) deal. In November, the Danish company announced that it expects to deliver up to 1,175 SmartLabs in Romania under a project worth 420 million Danish crowns which has been included in the EU-funded Romanian Recovery and Resilience Plan.
In August 2021, Shape Robotics bought Romanian smart learning company StoryKids, its longtime partner in the country, for an undisclosed sum.
Shape Robotics has developed Fable, a modular robotic system that helps students to build and program their own robots, according to its website.