Latvian Echoo Group joins Swedish Nordomatic

Latvian company Echoo Group, which specializes in building automation and energy efficiency solutions, has joined Nordomatic, a major independent provider of building management systems services that operates in eight countries and has over 1,200 employees. The amount of the transaction has not been disclosed.

This is an exit for the Latvian fund ZGI Capital, which invested in Echoo Group in 2022.

Founded in Riga in 2016, Echoo Group designs and implements building management systems (BMS) and low-voltage solutions for commercial, public, and industrial buildings. The company specializes in energy efficiency, automation, and digitalization of buildings, helping customers optimize performance and reduce operating costs. The CEO of Echoo Group is Glebs Kiselovs. 

The deal with Nordomatic opens up new opportunities for the Latvian company to grow and participate in international projects.

Founded in Sweden in 1967, Nordomatic is a major global independent building management systems integrator offering solutions for smart buildings and energy efficiency. The company operates in eight countries, including Scandinavia, the UK, the US, and India, and has more than 1,200 employees.

ZGI Capital is a venture capital company based in Riga that invests in companies in various industries, including metalworking, food processing, woodworking, logistics, IT, engineering, retail, and service exports. ZGI Capital was founded in 2005.