Bercman Technologies wants to buy Estonian IoT company Krakul, which has become famous for its moon cameras
Bercman Technologies, a Nasdaq First North listed deep-tech company developing traffic safety solutions, intends to acquire Krakul, Estonia’s leading IoT and autonomous systems development company. The acquisition of Krakul is part of Bercman’s strategic goal to expand its engineering and software team into developing intelligent transportation systems.
Mart Suurkask, CEO of Bercman Technologies: “The two companies share common goals to make the world a better place through technology. Bercman develops intelligent traffic solutions, Krakul develops IoT and autonomous systems. The merger of the companies would create synergies that would allow us to jointly develop and market new services in the field of autonomous vehicles and intelligent traffic solutions.”
Jaan Hendrik Murumets, CEO of Krakul: “This is a logical step for us to grow further. We share the same values and mission with Bercman, and their team has strong competencies in machine learning, machine vision, and a strong sales organisation. Unifying the two teams allows us to develop new products and services, expand into export markets and win new customers.” Krakul’s developments include stereo cameras for NASA’s lunar mission, smart insoles, smart beer bottle openers, bicycle parking systems, delivery robots, and autonomous vehicles.
Bercman and Krakul concluded a conditional swap for a share of Krakul’s parent company (Krakul Holding OÜ) and shares of Bercman Technologies so that Bercman can acquire 100% shares of Krakul. The acquisition shall be paid for by Bercman shares. The transaction shall be completed if Bercman’s extraordinary general meeting approves the conclusion of the transactions and permits an increase of share capital and the issuance of new shares to pay for the acquisition. Bercman’s extraordinary general meeting will take place on 1st December, 2021.
Krakul will continue its independent economic activities, including research and development, and the company’s management will remain the same. Upon completion of the transaction, Murumets will join Bercman’s Management Board and will be responsible for the work of the Engineering Department as Chief Technology Officer.