Novanta acquires Catalan technology company Keonn for €60 million

Keonn Technologies is changing hands. The Catalan company, specializing in technology for fashion retailers, has been acquired by the Novanta group, based in Bedford, USA, and listed on the Nasdaq index.

According to a filing with the SEC, the U.S. Securities and Exchange Commission, the transaction price is €60.6 million, subject to payment of an additional €20 million if Keonn Technologies meets revenue targets by December 2027. In addition, Novanta has committed to allocating €9 million to employees in incentives.

Founded in 2008, Keonn has a turnover of 19 million and sells technological products to fashion stores.

Until now, Keonn Technologies was controlled by the founding partners—Ramir De Porrata-Doria and Rafael Pous—and a minority group of investors who had injected a total of €3 million into the company. Among them, the family investment company Inderhabs Investments, controlled by the Botet family (Caprabo), the Barcelona-based asset manager Inveready, and several private investors, such as Reus Capital, stand out. The transaction was advised by AZ Capital (Keonn), RCD (Legal), and Crea Inversión (Novanta).

“We are very pleased with the transaction. Novanta will maintain its operations center in Barcelona and its 76 employees,” says De Porrata-Doria, who retains his position as CEO. The Keonn brand will also be maintained.

Founded in Barcelona in 2008, the Catalan company specializes in technological services for fashion companies looking to digitize their physical stores. Its products (some of which are patented) include solutions that help reduce theft and digitize payments and inventory.

De Porrata-Doria points out that last year, the company had revenues of €19 million and that more than 90% of its business was generated abroad. Its clients include major groups such as Inditex, H&M, and Chanel.

Following the change of ownership, Keonn expects to continue growing, although Novanta has not yet finalized its investment plans. The group specializes in the development and distribution of precision technology products in the healthcare and industrial sectors. In 2024, it had revenues of around €840 million, an 8% increase. Led by Matthijs Glastra, the group already had a presence in Barcelona. A headquarters team specializing in merger operations is located in the city, and in 2019, Novanta acquired the local firm Ingenia Motion Control. Now it's Keonn Technologies' turn.