Azkoyen

What Azkoyen does

Azkoyen is a Spanish industrial technology group headquartered in Navarrés, Spain, founded in 1945 and listed on BME (BME:AZK), with 501-1,000 employees. The company operates three product pillars: automatic vending machines (beverage, refrigerated, and fresh-food units), cashless payment systems built around the Coges product line, and Time & Security Solutions (access control and time tracking) consolidated through the Primion entities in Switzerland and Germany.

Underlying technology spans electromechanical vending hardware, cashless payment terminals, and an IoT/cloud telemetry layer acquired with Vendon (Latvia) in 2022 that enables remote monitoring and data-driven management of deployed vending fleets. The Time & Security pillar adds enterprise access-control and workforce time-tracking software deployed across European enterprise and public-sector sites.

The business model combines equipment sales (vending machines, payment terminals, access-control hardware) with associated software, connectivity, and services. Revenue is generated through direct B2B distribution across European markets, supported by subsidiaries in Spain, Latvia, Switzerland, and Germany. Rescaled reported figures suggest revenue grew from approximately $158M in 2021 to approximately $248M in 2025, driven by a mix of organic growth and acquisitions.

Name

Azkoyen

Legal name

Azkoyen Group

Website

https://azkoyen.com

Company type

Private

Founded year

1945

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Azkoyen (BME:AZK) is a Spanish industrial technology group operating three pillars: vending machines, cashless payment systems, and time-and-security solutions, serving B2B operators and enterprises across Europe via subsidiaries in Spain, Latvia, Switzerland, and Germany.

Ownership category

akta.pro rank

Product category

Vending Machines & Automated Retail

NAICS

Small Electrical Appliance Manufacturing (335210)

SIC

Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

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

akta.pro secondary industries

Vending & Micro-Markets (EDALADAF), Cash Drawers, Cash Handling & Coin/Bill Counters (HDACAKAE), POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO)

Keywords

• Vending machines
• Cashless payment systems
• IoT vending solutions
• Time and security solutions
• Automated retail

Headquarters

HQ city

Navarrés

HQ country

Spain

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Core offering

Azkoyen designs, manufactures, and sells automatic vending machines (beverage, refrigerated, and expanding into fresh food), integrated cashless payment systems enhanced by IoT connectivity (through the acquired Vendon platform), and Time & Security technology solutions delivered through its Primion entities. The offering combines physical vending hardware with embedded payment processing and real-time monitoring, plus workforce time management and security/access solutions.

Product overview

Azkoyen is a technology group specializing in vending machines, payment systems, and security technology solutions. The product portfolio is organized around three core areas: automatic vending machines (including beverage and refrigerated vending), cashless payment systems enhanced by the acquired Vendon IoT and digital payments platform, and Time & Security solutions delivered through the Primion entities (Primion AG and its German subsidiary Primion Technology GmbH). The Vendon acquisition brought IoT connectivity and real-time monitoring capabilities into the product ecosystem, while the Primion AG consolidation strengthens Azkoyen's Swiss Time & Security operations.

Differentiator

Problem solved

Functional benefit

Brands

• Primion: Time & Security technology solutions brand operating within Azkoyen group

Products and services

• Vending Machines Automatic vending machines manufactured by Azkoyen, spanning beverage vending, refrigerated vending, and smart/IoT-enabled machines. The portfolio includes hot and cold beverage dispensers and is expanding into fresh food vending. Sold to vending operators and businesses operating automated retail networks.
• Cashless Payment Systems Cashless payment technologies integrated into Azkoyen's vending machines, enhanced by the 2022 acquisition of Vendon to add digital payments and IoT connectivity for real-time monitoring and management. Sold to vending operators enabling cashless transactions on deployed vending equipment.
• Time & Security Solutions Security and time management technology solutions (time tracking, access control, security) operated through Primion AG and its German parent Primion Technology GmbH. Sold to enterprises in Switzerland and Germany needing integrated workforce time management and security technology.
• Vendon IoT & Digital Payments Platform IoT and digital payments solutions platform acquired with Vendon in July 2022. Provides real-time monitoring, connectivity, and digital payments for vending machines and connected equipment. Integrated into Azkoyen to enhance payment systems and IoT capabilities across Europe and globally.

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Primion AGcoreTechnology or Integration · 12 March 2026Azkoyen's German subsidiary Primion Technology GmbH acquired 100% of Primion AG's share capital on March 12 for approximately €2.3 million (2,072,000 Swiss francs). The transaction strengthens Azkoyen's position in its Time & Security business lines in the Swiss market as part of the group's growth strategy. The transaction consolidates two entities within the Azkoyen group.
• VendoncoreTechnology or Integration · 4 July 2022Azkoyen Group acquired 100% of Vendon, a Latvian IoT and digital payments solutions provider, for €9.3 million with additional performance-based payments. The acquisition aims to enhance Azkoyen's growth in payment systems, connectivity, and IoT by integrating Vendon's technology and expertise, expanding both companies' operations across Europe and globally.

Scale indicators2 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Worldline (Ingenico): European payment-terminal giant offering unattended and EMV contactless acceptance at scale. Broad incumbent overlapping Azkoyen's POS/payments stack across unattended retail.
• PAX Global Technology: Hong Kong-listed POS terminal manufacturer with strong presence in unattended and integrated retail acceptance. Comparable as a broadly diversified payments-terminal incumbent.
• Verifone: Global payment-terminal manufacturer offering unattended and integrated POS hardware. Adjacent competitor at the acceptance-terminal layer relevant to Azkoyen's payment-systems business.
• HID Global (Kaba / dormakaba Group): Global identity and access-management vendor (within dormakaba Group). Comparable overlap with Azkoyen's Time & Security business lines operated via Primion.

Direct peers

• Nayax: Israel-based provider of cashless payment and IoT/connectivity solutions specifically for unattended retail (vending, kiosks, amusement). Directly comparable to Azkoyen's integrated hardware + payment + IoT vending proposition.
• Jofemar: Spanish-headquartered manufacturer of vending machines and integrated payment systems. A like-for-like regional competitor in beverage vending, coffee machines, and cashless payment integration.
• SandenVendo: Joint venture between Sanden (Japan) and Vendo (US) producing beverage and snack vending machines. Comparable as a global vending-machine manufacturer with strong cashless-payment and IoT focus.
• EVOCA Group: Italy-based coffee and vending machine manufacturer (Necta, Wittenborg, SGL brands). Closely comparable as a multi-brand European vending machine OEM with similar scale and product breadth.
• N&W Global Vending: Italian-based vending machine manufacturer (Bianchi, Gaggia, etc.) producing espresso, hot-beverage, and snack vending equipment. Directly comparable as a European vending machine OEM of similar vintage and breadth.

Emerging players

• Cantaloupe: US-listed provider of cashless payments and IoT connectivity for unattended retail, including vending. Comparable on the payments/connectivity layer integrated with Azkoyen's Vendon stack.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/azkoyen
• Facebookfacebook.com/GroupAzkoyen
• LinkedInlinkedin.com/company/azkoyen-sa

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A3 records

Investments

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

Frequently asked questions about Azkoyen