DALLAS, May 18, 2021 /PRNewswire/ -- COMSovereign
Holding Corp. (NASDAQ: COMS) ("COMSovereign" or "Company"), a
U.S.-based developer of 4G LTE Advanced and 5G Communication
Systems and Solutions, today announced that it is acquiring SAGUNA
Network LTD ("SAGUNA"), the premier Multi-Access Edge Computing
("MEC") cloud software developer, significantly expanding its
software technology offerings powering 5G wireless networks.
SAGUNA, based in Yokneam, Israel, is the software developer behind the
award-winning SAGUNA Edge Cloud which transforms communication
networks into powerful cloud-computing infrastructures for
applications and services including augmented and virtual reality,
IoT, edge analytics, high-definition video, connected cars,
autonomous drones and more. SAGUNA allows these next generation
applications to run closer to the user in a wireless network,
dramatically cutting down on latency which is a fundamental and
critical requirement of 5G. Their Edge Cloud operates on general
purpose computing hardware but can be optimized to support the
latest AI and machine learning features through dedicated
accelerators.
Terms of the transaction include total consideration of
$13.1 million consisting exclusively
of shares of restricted common stock. The transaction is expected
to close within approximately 15 days subject to traditional
closing conditions.
Transaction Highlights
- SAGUNA Edge Cloud MEC solution simplifies and accelerates
development, deployment, management and automation of edge cloud
platforms and edge applications. It is fully compliant with the
ETSI MEC standard and 3GPP 5G specifications, providing
Ultra-Reliable and Low Latency Communication (URLLC) enabling 5G
features over existing 4G networks and setting the stage for 5G
roll-out.
- SAGUNA is one of the industry's leading edge computing software
companies and was recently chosen by Hewlett Packard Enterprise as
a core mobile edge computing platform for the globe telecom 5G
innovation lab in the
Philippines.
- Acquisition brings existing revenue to COMSovereign and extends
its direct sales reach into new market segments with new customers
and partners.
"COMSovereign's mission has been to enable the 4G LTE wireless
networks of today and the emerging 5G networks now being deployed
by addressing the critical technical and physical challenges facing
operators who need to reliably expand connectivity for customers.
With the acquisition of SAGUNA, we are taking a huge step towards a
complete software-defined 5G network, where cloud-based edge
computing can provide a single, converged platform for the RAN,
Core, and MEC, an industry first," said Dr. Dustin McIntire, Chief Technology Officer of
COMSovereign.
Ido Gur, CEO of SAGUNA commented, "This is an exciting
development for our team because we are confident that SAGUNA's
cloud-based mobile edge computing products will greatly complement
COMSovereign existing solutions. I believe that together,
COMSovereign and SAGUNA will be able to leverage many immediate
synergies to accelerate adoption of our combined technologies to
deliver the most advanced wireless compute solutions in the market
today."
For more information about COMSovereign, please visit
www.COMSovereign.com and connect with us on Facebook and
Twitter.
About COMSovereign Holding Corp.
COMSovereign Holding
Corp. (Nasdaq: COMS) has assembled a portfolio of communications
technology companies that enhance connectivity across the entire
data transmission spectrum. Through strategic acquisitions and
organic research and development efforts, COMSovereign has become a
U.S.-based communications provider able to provide 4G LTE Advanced
and 5G-NR telecom solutions to network operators and enterprises.
For more information about COMSovereign, please visit
www.COMSovereign.com.
About SAGUNA Network LTD
SAGUNA, the Edge Cloud
Computing pioneer, helps communication companies monetize, optimize
& accelerate their networks. Our any-access Mobil-Edge-Cloud
solutions transform networks into powerful cloud computing
infrastructures for game-changing applications including augmented
and virtual reality, gaming, IoT, edge analytics, 8K video, connected cars, autonomous drones, and
more. Visit http://www.saguna.net to learn more about SAGUNA's
latest advancements.
Forward-Looking Statements
Certain statements in this
press release that are not historical facts are forward-looking
statements that reflect management's current expectations,
assumptions, and estimates of future performance and economic
conditions, and involve risks and uncertainties that could cause
actual results to differ materially from those anticipated by the
statements made herein. Forward-looking statements are generally
identifiable by the use of forward-looking terminology such as
"believe," "expects," "may," "looks to," "will," "should," "plan,"
"intend," "on condition," "target," "see," "potential,"
"estimates," "preliminary," or "anticipates" or the negative
thereof or comparable terminology, or by discussion of strategy or
goals or other future events, circumstances, or effects. Moreover,
forward-looking statements in this release include, but are not
limited to, the impact of the current COVID-19 pandemic, which may
limit access to the Company's facilities, customers, management,
support staff, and professional advisors, and to develop and
deliver advanced voice and data communications systems, demand for
the Company's products and services, economic conditions in the
U.S. and worldwide, and the Company's ability to recruit and retain
management, technical, and sales personnel. Further information
relating to factors that may impact the Company's results and
forward-looking statements are disclosed in the Company's filings
with the SEC. The forward-looking statements contained in this
press release are made as of the date of this press release, and
the Company disclaims any intention or obligation, other than
imposed by law, to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
Contacts:
Steve Gersten, Director of
Investor Relations
COMSovereign Holding Corp.
813-334-9745
investors@comsovereign.com
External Investor Relations:
Chris Tyson, Executive Vice
President
MZ Group - MZ North America
949-491-8235
COMS@mzgroup.us
www.mzgroup.us
and
Media Relations for COMSovereign Holding Corp.:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
View original content to download
multimedia:http://www.prnewswire.com/news-releases/comsovereign-enters-5g-mobile-edge-computing-cloud-market-with-acquisition-of-saguna-network-ltd-301293571.html
SOURCE COMSovereign Holding Corp.