KORE Wireless, a global leader in IoT solutions and worldwide Connectivity-as-a-Service (CaaS) last week announced that it has entered into a merger agreement with Cerberus Telecom Acquisition Corp, a blank check company formed by Cerberus Capital Management.
Upon completion of the transaction, the combined company expects to be listed on the New York Stock Exchange under the ticker symbol 'KORE'. The combined entity expects gross proceeds of about $484 million, including $225 million raised through private investment in public equity, or PIPE.
Powered by a strong IP portfolio and a differentiated IoT platform, KORE delivers mission-critical IoT enterprise solutions and CaaS services to more than 3,600 customers worldwide, including Fortune 500 enterprises. The Company manages over 12 million connected devices, serving a range of industries, with an increasing focus on key sectors that collectively represent over 80% of the IoT market.
As part of the transaction, KORE’s majority shareholder Abry Partners has agreed to roll 100% of its common equity into the combined company.
Romil Bahl, President and Chief Executive Officer of KORE
Over the past several years, we have been expanding KORE’s capabilities to help our customers extend their digital transformations to the edge, which is the very promise of IoT. As the 5G revolution accelerates globally, we believe we are well-positioned to be a critical enabler in helping enterprises transform their businesses with the power of IoT solutions.
Tim Donahue, Chief Executive Officer of CTAC and former Executive Chairman of Sprint Nextel
This is a rare opportunity to partner with a proven business supported by a strong and diversified customer base. KORE is playing a critical role in the rapidly growing IoT market with meaningful organic and inorganic opportunities.
