Finland based location technology provider Yepzon Oy announces opening of new retail channel Best Buy – the largest specialty retailer in the U.S consumer electronics retail industry. The news of increased availability came at the same time as the previously announced Joint Venture between Yepzon and its former U.S competitor Location Based Technologies (LBAS) started its operations. Combined resources will accumulate into strong growth for Yepzon’s Q4 result.
Best Buy Co., Inc. is an American multinational consumer electronics retailer with vast online and brick and mortar sales channels. Availability of product on Best Buy’s channels provide a remarkable volume increase for both of Yepzon’s consumer technology products.
“Best Buy brings us a customer base of hundreds of millions of potential new shoppers and presence in over 1000 stores across U.S in the long run. We are at a good place to start long-term collaboration with Best Buy in building the tracking category with the biggest player in the market”, says John Kiesi, CEO of Yepzon Inc. US.
Simultaneously with the new Best Buy deal Yepzon finalized the details of merging the two consumer businesses of Yepzon Inc. and PocketFinder, the consumer business unit of Location Based Technologies. PocketFinder is one of the best-known location technology brands in the U.S and has licensed Yepzon’s technology since 2016 providing a solid foundation for the new collaboration. The Joint Venture will strengthen Yepzon’s market share and revenue in the US and bring an option of company listing in near future. Location Based Technologies is already a U.S listed company.
“We are building Yepzon’s US unit into an independent affiliate, which will operate as a local consumer business pioneer and, if necessary, raise funds on the US capital market“, highlights Otto Linna, Founder and Group CEO of Yepzon.
The companies share a desired outcome to become the leader of personal trackers in the US.
“The merger enables us to leverage and build upon each partner’s strengths. We bring Mexico and Canada onto the table and provide award-winning local customer support whereas Yepzon takes the forefront with its world class sales and marketing knowledge,” adds Dave Morse, CEO of LBAS.
The merger is one of the first signs of consolidation in the fragmented locator device market heavily in need of consolidation. This PocketFinder alliance is the logical first step for Yepzon as consumer business in the US involves higher prices and better profits than in other markets. The company actively charts and identifies opportunities for other mergers and acquisitions as inorganic growth is faster and cheaper in the consumer business than organic growth.
CEO, Yepzon Oy
+358 43 217 0275
CEO, Location Based Technologies, Inc.
+ (1) 866 726 7543
Yepzon Oy is the developer of easy-to-use mobile location services. Founded in 2013, the company has a staff of 8 and employs approximately 100 product developers on subcontracts. Yepzon’s global, but primarily Finnish, ownership is divided between private investors operating in different sectors. The company’s headquarters are in Tampere, Finland. Yepzon Ltd., registered in London, is a subsidiary completely owned by Yepzon Oy. Yepzon Inc., registered in Nevada, USA, is a joint enterprise with Global Expansion Solutions. Yepzon Enterprises India Pvt. Ltd is a joint venture managed by Yepzon Oy in Delhi, India, jointly owned by VVDN Technologies. www.yepzon.com