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Press Releases

New Investment of Space Hellas
Dynamic expansion in providing integrated solutions and applications in smart agriculture
26-05-2020

Space Hellas announces the conclusion of an agreement for the realization of an investment in a company under the name "Agricultural Applications P.C." and the trade sign "Agro Apps P.C.", which is located in Thessaloniki. AgroApps was founded in 2015, offering digital solutions at the agricultural field. Since its foundation, AgroApps invests in research and development of solutions based on Artificial Intelligence technologies, satellite and meteorological data, advanced mathematical models and cultivation growth models. AgroApps solutions cover from a small producer's needs, up to more demanding private and public organizations needs, as they include supervision and management of agricultural exploitation systems, high resolution forecasts, water resources supervision services, agricultural insurance services, as well as personalized solutions.

During its five-year of operation, AgroApps has managed to establish important collaborations in Greece and abroad, has participated in many research programs, thus obtaining important distinctions. In 2018, the company constituted one of the three runners-up of the Copernicus Masters Competition (Airbus Challenge) of the European Committee, while in 2019 it was awarded the first prize in the start-up enterprises competition which took place during the Digital Economy Forum in Athens, by the Greek IT and Communications Companies Association.

The agreement includes three investment stages, where at the first stage Space Hellas will immediately acquire 19% of the existing shares of AgroApps, at the second stage it will have the option to acquire an extra 16% of the existing shares of AgroApps and at the third stage Space Hellas will have the possibility to acquire an extra 10% of AgroApps through an increase in its share capital, while in case of AgroApps transformation into a societe anonyme company (S.A.), Space Hellas will be entitled to nominate a member in its three-member board of directors. Upon fulfillment of second and third stages, the total investment amount of Space Hellas (45%) in AgroApps will rise at €1.275.000.

The strategic collaboration with Space Hellas and its long experience in a wide range of integrated ICT solutions is expected to offer to AgroApps the ability to make more dynamic steps and develop new services, for the digital evolution of agriculture.

The Chairman of the BoD of Space Hellas, Spiros D. Manolopoulos, stated: "The participation in the share capital of AgroApps constitutes one more step towards the fulfillment of a long-term investment plan having as basic priority, to penetrate in new markets and to create new income sources for the Space Hellas Group". Moreover, he noted: "The digital world is a fact nowadays and the pc or mobile applications are ready to change our life. Having invested in digital technologies, AgroApps is the ideal partner for Space Hellas in order to develop new innovative applications and services for the primary sector as well as for the rest sectors of the market".

AgroApps General Manager, Machi Symeonidou, made the following statement concerning this collaboration: "The most important issue is to find the proper people to cooperate effectively with, in order to fulfill your vision. We share the same vision with Space Hellas that includes the provision of personalized ICT tools aiming at accelerating the digital transformation of our customers, the optimization of their procedures and their profit increase. Through this participation, Space Hellas and AgroApps join their forces to achieve new, higher goals".

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