What Coges SpA does

Coges SpA is an Italian designer and manufacturer of payment and connectivity solutions for vending machines, coffee machines, and unattended retail environments. Founded in 1987 (with the firmographic record also citing 1977) and headquartered in Caldogno (Vicenza), Italy, the company operates as a subsidiary of Spain's Azkoyen Group within its Payment Technologies Division alongside Cashlogy and Azkoyen Payment Technologies. Coges maintains commercial offices in France (Horbourg-Wihr) and Spain (San Sebastián de Los Reyes, Madrid), and reaches additional markets through its regional distributor network.

The product portfolio is an integrated hardware-and-cloud stack. Hardware ranges from closed-loop cashless keys (MyKey, in market since 1987) and open-loop card readers to mobile payment/loyalty apps (Pay4Vend, QuickPik), the Elysium 3-in-1 smart screen that combines telemetry, payments, and interactive display, and a cash-systems family (Hexis, Unica, Sofis, Caesium, Creos) covering coin validators, change-givers, and bill validators. Connectivity is delivered through Vendon Cloud and Nebular, which Coges integrates with sister company Vendon to provide real-time monitoring, remote firmware and price updates, inventory tracking, route optimization, and sales analytics for vending operators.

Coges sells primarily through a network of regional distributors and dealers — including STÜWER and ENGELTEC in DACH, MIKco in the Netherlands, Coges España, and MONEY CONTROL/SERVICE POINT in Austria — supported by dedicated sales area managers in each key territory. Revenue mechanics combine hardware unit sales, recurring cloud/connectivity subscriptions, and transaction-based mobile payments. Named enterprise end-customers include Rheavendors Group, IVS Group, Cafeto, Groupe Merling, and Sogedai; downstream segments are vending operators (primary), OCS/coffee operators, and HoReCa/retail venues. Coges is also an active participant in industry standards, having joined the European Vending Association SmartLink working group (2022 and again June 2024) and co-presenting the resulting protocol with the OPC Foundation at Venditalia 2026.

Name

Coges SpA

Legal name

Coges S.p.A.

Website

https://coges.eu

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Short description

Coges SpA designs and manufactures payment systems and IoT connectivity solutions for vending machines, coffee machines, and unattended retail, serving vending operators, OCS providers, and HoReCa across Europe and select international markets as part of Azkoyen Group.

Ownership category

akta.pro rank

Product category

Vending Payment Systems

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Custom Computer Programming Services (541511)

SIC

Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Unattended & Self-Service Payments (Kiosks, Vending, Parking, EV Charging) (FSAMADAE)

akta.pro secondary industry

Integrated POS Payments (ISVs & Vertical POS Platforms) (FSAMADAD)

Keywords

• Vending payment systems
• Cashless payment solutions
• Coin validation hardware
• IoT connectivity platform
• Change-giver systems

Headquarters

HQ city

Schio

HQ country

Italy

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Hardware Sales: Sale of payment hardware including card readers, cash systems (coin validators, change-givers, bill validators), MyKey cashless keys, and Elysium smart screens
2. Cloud/Connectivity Services: IoT cloud platform (Vendon Cloud/Nebular) providing telemetry, real-time monitoring, remote management, and data analytics for vending operations
3. Mobile Payment Apps: QuickPik and Pay4Vend mobile payment apps enabling smartphone payments at vending machines, potentially with per-transaction or subscription revenue

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Coges SpA designs, manufactures, and supplies integrated payment and connectivity solutions for vending machines, coffee machines, and unattended retail environments. Its offering combines hardware payment systems (closed-loop MyKey keys, open-loop card readers, coin validators, change-givers, and bill validators), mobile payment/loyalty apps (Pay4Vend, QuickPik), interactive smart screens (Elysium), and cloud IoT platforms (Vendon Cloud, Nebular) for real-time machine monitoring and fleet management.

Product overview

Coges SpA offers a comprehensive portfolio of payment and connectivity solutions for the vending, coffee, and unattended retail industries. The offering is structured as an integrated ecosystem combining hardware payment systems (closed-loop MyKey, open-loop card readers, mobile payment apps), cash handling devices (coin validators, change-givers, bill validators), interactive displays (Elysium Smart Screen), and cloud platforms (Vendon Cloud, Nebular). Key products include MyKey (offline cashless key), Pay4Vend and QuickPik (mobile loyalty/payment apps), Elysium (3-in-1 telemetry/payment/display system), and a range of cash validation hardware (Hexis, Unica, Sofis, Caesium, Creos). These solutions are designed to work together with cloud connectivity, supporting both standalone operation and integrated fleet management, with emerging support for the EVA SmartLink interoperability protocol.

Differentiator

Problem solved

Functional benefit

Brands

• Pay4Vend: Mobile payment app for vending that enables customers to pay via smartphone without network requirements, featuring Bluetooth connectivity and loyalty features
• QuickPik
• MyKey
• Elysium
• Hexis
• Unica
• Sofis
• Caesium
• Creos
• Vendon Cloud
• Nebular

Products and services

• Vendon Cloud IoT-enabled cloud platform delivering real-time data and actionable insights for monitoring vending machines, tracking transactions, managing inventory and routes, and analyzing sales data.
• Nebular Cloud platform for remote management and updates of Coges payment and telemetry systems, providing operators with a consistent view of payments, machine performance, and operational data.
• MyKey Battery-free offline cashless key system for vending machines supporting Key 2 and Key 3 readers, with custom branding, QR-based web showcase, and cloud data sync for credit and transaction history.
• Card Readers (QPay) Open-loop cashless terminals that accept versatile card and digital payments (cards, mobile wallets, NFC/contactless) with all transactions monitored in a single dashboard, designed for unattended vending environments.
• Pay4Vend Mobile payment app enabling customers to pay via smartphone at vending machines via Bluetooth, with no network requirement. Includes loyalty features, promotions, discounts, and feedback collection.
• QuickPik Mobile payment app connecting via QR code scan, allowing customers to pay via smartphone with securely linked payment cards. Includes real-time tracking, automated invoicing, and integrated MyKey credit management.
• Elysium Smart Screen 3-in-1 touchscreen system combining telemetry, payments, and interactive display for vending machines. Replaces the machine front panel, supports MyKey, mobile payments, credit cards, and cash peripherals, with customizable branding and cloud connectivity.
• Hexis Compact and connected change-giver for vending operations with multi-frequency coin validation (over 96% first-time acceptance), modular multiprotocol design (MDB, Executive, BDV), and Nebular cloud connectivity for remote updates.
• Unica High-performance 6-tube change-giver for large vending fleets with customizable pricing modes, cashless support (MyKey, MIFARE, Pay4Vend, LEGIC), Nebular integration for remote programming and firmware updates.
• Sofis MDB change-giver built for everyday vending, featuring five long tubes holding up to 97 coins each, USB programming, over 96% coin acceptance, and secure fraud detection.
• Caesium / Caesium MDB Compact coin validator supporting up to 32 coins or tokens with physical, alloy, and acoustic checks. Includes anti-fishing mechanical and optical protections, available with MINI or MIDI mounting plates; Caesium MDB version adds MDB compatibility and USB programming.
• Creos Multi-standard bill validator with 9 high-precision optical sensors for full-surface bill reading. Features anti-fishing system, drainage protection, USB programming, and supports stacker configurations and multiple protocols (MDB, Parallel, Impulse).

Quantifiable outcome

• Over 96% first-time coin acceptance (Hexis, Sofis)
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core.

• European Vending Association (EVA)coreStrategic or Co-development Partner · 1 June 2024Coges joined EVA's SmartLink working group in June 2024, contributing technical expertise and market knowledge to define requirements for the new communication standard. Previously participated in the 2022 EVA working group that selected OPC-UA as the technical foundation. Coges played a bridging role between vending operators, technology providers, and EVA to translate operational challenges into technical guidelines.
• OPC FoundationcoreTechnology or IntegrationOPC Foundation collaborated with EVA to develop SmartLink protocol, providing the OPC-UA technology foundation for the vending industry communication standard. SmartLink is linked to the 'Unattended Retail - Core Components' specification.
• Vendon (Azkoyen Group)coreTechnology or IntegrationVendon is a sister company under Azkoyen Group providing cloud platform (Vendon Cloud) for telemetry and machine management. Coges payment solutions are designed to integrate with Vendon Cloud for unified payment and connectivity management. Both systems combine their functionalities on the Vendon Cloud platform.
• Azkoyen GroupcoreOthersCoges SpA is a subsidiary of Azkoyen Group (Spain), part of the Payment Technologies Division alongside Cashlogy and Azkoyen Payment Technologies brands. Coges also collaborates with sister divisions: Coffee & Vending Systems Division (Coffetek, Ascaso) and Time & Security Division (Opertis, Primion).

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• PAX Global Technology: Hong Kong-listed manufacturer of payment terminals for retail and unattended use cases worldwide. Competes with Coges on Android and Linux payment hardware that increasingly penetrates vending and self-service environments.
• Verifone: Global incumbent in POS payment terminals serving retail, unattended, and hospitality merchants. Competes with Coges' open-loop card reader business and offers comparable unattended-certified devices to vending operators.
• Ingenico (Worldline): Large global payments-terminal manufacturer under Worldline, offering card-present acceptance hardware across retail, hospitality and unattended environments. Their unattended/vertical POS line competes directly with Coges' card reader and Elysium smart-screen offerings despite the broader portfolio.

Direct peers

• Cantaloupe, Inc. US-listed provider of cashless payments, telemetry, and back-office software for the unattended retail / vending space. The most prominent pure-play competitor in vending payments IoT and the benchmark for transitioning vending payment vendors into SaaS/recurring revenue models.
• Nayax Ltd. Global leader in cashless payment and telemetry solutions specifically for the unattended retail / vending market. Competes directly with Coges across card readers, mobile payments, and cloud-based machine management for vending operators in Europe and worldwide.
• Monyx (Vianet): UK-based provider of unattended payment terminals, telemetry, and stock-management solutions for vending and coffee operators. Directly comparable in product portfolio (cashless payment devices plus IoT platform) and customer base in the European OCS and vending space.
• Cashlogy (Azkoyen Group): Sister company within Azkoyen Group's Payment Technologies Division that offers automated cash handling and payment solutions for retail and hospitality. Direct overlap with Coges' unattended/cash-system positioning and shared parent-group economics.
• National Retail Technologies (NRT): Specialist in cashless payment hardware and telemetry for vending, amusement and unattended retail. Comparable product breadth (card readers, coin/bill validators, telemetry) and competes for the same vending operator fleet RFPs that Coges targets.

Emerging players

• SUBSCRIBE PAY (Vendsafe / NetPay Europe): European payment specialist serving vending, laundromats, EV charging and other unattended verticals with cashless terminals and connectivity. Comparable go-to-market in unattended retail with overlapping payment-telematics capabilities.
• Apriva (Paragon Application Solutions): Provider of integrated payment processing and gateway services for unattended retail and vending operators. Comparable to Coges in offering payment-enablement plus gateway services, with overlap in the unattended market segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/coges-s.p.a.

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coges SpA