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Published on June 5, 2023

Elem Group completes the Put & Call and acquires 100% of ICOM OOD

Elem Group, the industrial holding controlled by the Petrone family’s Exefin, announces the Put & Call option, completing the purchase of 100% of ICOM OOD, a leading technology company in Bulgaria in the development of hardware, software, satellite telematic systems (GNSS), solutions for toll payment (Tolling DDP) and public and private intelligent transport (ITS), at an international level.

At the same time, the company changes its brand to Vem Technology EOOD, confirming its operational presence in Sofia and Plovdiv (Bulgaria) with the strategy of strengthening, together with Vem Solutions Spa of Venaria Reale (Turin), the creation of an international pole, specialized in of Design and Production of Hardware, Software and Data Ingestion Telematic Platforms.

The Group follows the desire to capitalize and pursue the “expertise and capability” of the historic Elem, an electronic design and production company founded by the entrepreneur Domenico Petrone in the year 1974, a reality that has grown over the years by specializing its DNA in the design and production of electronic systems for the Automotive, Sport Car Racing, ICT, Industrial, Telecommunications, Defence, Aerospace markets and in the design and production of Telematic Solutions with the application of Satellite Localization Technologies and short and long range communication.

The ability to design, develop and produce hardware, firmware and software for cutting-edge technological solutions in the field of electronic systems has allowed strategic positioning on the reference markets, essential for competing with flexibility and ability in the development of innovative products typical of the Group, creating the conditions for further synergies and opening the capital to new investors.

Elem Group, with VEM Solutions Italia, Vem Technology (Bulgaria), Minipuls (Bulgaria) and BluTech (China), represents an agile and proactive reality, able to present itself in the most diverse emerging sectors”, Domenico Petrone, President and CEO of Elem Group, proudly emphasizes. “We have always been recognized as a creative reality that generates value. Our ability to combine technological innovation, both hardware and software, with our own production capacity, allows us to look with confidence to other markets and parallel industrial sectors“.

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