Luminor provides 4.95 million euros to SAF Tehnika

Luminor bank has supported one of the largest Latvian technology production companies, AS SAF Tehnika, by providing funding in the amount of 4.95 million euros. It is provided for the current assets for the company to be able to implement large projects, increase the business volume, compensate the increased prices of raw materials, as well as to ensure additional accruals.

“The technology sector is still in its peak and we are delighted to support one of the Latvian pioneers in this sphere to compete with the “giants” of the industry on the global scale. The COVID-19 pandemic has not harmed the company’s growth, quite the opposite — the company has used the time wisely to develop and improve its products. SAF Tehnika will use the support to facilitate increase of the proportion of information technologies in the Latvian exports of goods and services, because technologies will remain a very promising industry,” said Ilze Zoltnere, Head of the Corporate Department at Luminor in Latvia.

SAF Tehnika produces and exports wireless data transmission devices. The products of the company provide wireless solutions for digital voice and data transmission to mobile and fixed network carriers, data transmission providers, private and state companies. Experience and knowledge acquired over more than 20 years allow the company to develop different innovations, launching the series of the smallest microwave spectre analyser Spectrum Compact, as well as creating the solution of wireless sensor network for the analysis and monitoring of the environment that is known with the brand Aranet (the segment of Internet of Things).

“The company’s brand and product line Aranet continues to serve as a strong business driver operating in several business segments, including agriculture, building management and public sector. The interior air quality sensor Aranet3 is still popular, its popularity was facilitated by COVID-19 and consumers’ awareness of the significance of air quality and ventilation not only to limit spread of viruses, but also to improve the cognitive and working abilities. Remote or hybrid type of work, in its turn, globally has increased the demand for data transmission capacity and data quality improvements and SAF Tehnika is able to provide that.

Availability of current assets is important to expand the company’s activities, ensure procurement volumes and terms, as well as to be able to complete majority of orders within the usual terms. We continue investing in scientific research and development to create new and improve the existing products that comply with our customers’ changing needs,” said Zane Jozepa, Member of the Board at SAF Tehnika

The company’s products are widely known and used all over the world in state and private sectors. Spheres where the different wireless solutions are used are continuously expanding, with such dominant industries as mobile communications, internet service provision, industry, finance, media, horticulture, and other spheres.

About SAF Tehnika

AS SAF Tehnika is a Latvian company that produces microwave data transmission devices, measuring devices, and wireless sensors. The company’s products ensure wireless telecommunication solutions for digital voice and data transmission. Products of AS SAF Tehnika are exported to more than 130 countries. AS SAF Tehnika is a subsidiary of the USA company SAF North America LLC that operates in Denver, Colorado, as well as recently SAF Tehnika Asia was registered in Singapore. The company’s shares are listed in the official list of Nasdaq Riga. 

 About Luminor

Luminor is the leading independent bank in the Baltic states and the third largest provider of financial services in the region. We provide financial services to individuals, families and enterprises. We are new, dynamic and forward-looking just as Estonian, Latvian and Lithuanian markets.