PCTEL Expands Vehicular and IoT Antenna Portfolio With Acquisition of Smarteq Wireless
May 03 2021 - 8:50AM
Business Wire
PCTEL, Inc. (Nasdaq: PCTI), a leading global provider of
wireless technology, including purpose-built Industrial IoT
devices, antenna systems, and test and measurement solutions,
announced today that it had acquired Smarteq Wireless AB, a leading
European supplier of antennas for vehicular, energy and Industrial
IoT (IIoT) applications. PCTEL acquired Smarteq from Allgon AB.
Smarteq Wireless, based near Stockholm, Sweden, provides
antennas for smart metering, luxury vehicles, electric vehicle
charging stations, industrial factory process automation, heavy
construction and off-road vehicles. The company focuses on external
antennas that meet high standards for performance, reliability and
robustness.
Smarteq serves customers in 20 countries through offices in both
Sweden and France. Founded in 1996, the company has decades of
experience in antenna design, production and sales.
“With Smarteq, PCTEL has a strong local presence, expertise, and
channel partners to accelerate our growth in Europe, as well as a
complementary portfolio of products for our Industrial IoT and
intelligent transportation customers worldwide,” said David
Neumann, PCTEL’s CEO. “We are also excited to enter new markets
such as electric vehicle charging stations, where analysts predict
significant growth over the next several years,” added Neumann.
“With PCTEL, we have the opportunity to accelerate our product
innovation, expand our reach and scale our operations to provide
superior customer service,” said Goran Sandstrom, Smarteq’s CEO.
“We’re excited to work together to expand our presence in Europe
and be a meaningful growth driver for PCTEL.”
About PCTEL
PCTEL is a leading global provider of wireless technology,
including purpose-built Industrial IoT devices, antenna systems,
and test and measurement solutions. Trusted by our customers for
over 25 years, we solve complex wireless challenges to help
organizations stay connected, transform, and grow.
For more information, please visit our website at
https://www.pctel.com/.
Safe Harbor
This press release contains "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
Specifically, the statements regarding the anticipated benefits of
PCTEL's acquisition of Smarteq Wireless AB, the ability of PCTEL to
accelerate our growth in Europe, and the anticipated growth of the
new markets PCTEL intends to enter are forward-looking statements
within the meaning of the safe harbor. These statements are based
on management's current expectations and actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including risks associated with successful
integration of Smarteq into PCTEL’s existing organization; costs
and challenges of entering new markets; increased operating
expenses; and the rate of growth of the electric vehicle and other
markets for PCTEL and Smarteq products. These and other risks and
uncertainties are detailed in PCTEL's Securities and Exchange
Commission filings. These forward-looking statements are made only
as of the date hereof, and PCTEL disclaims any obligation to update
or revise the information contained in any forward-looking
statement, whether as a result of new information, future events or
otherwise.
PCTEL® is a registered trademark of PCTEL, Inc. © 2021 PCTEL,
Inc. All rights reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20210503005047/en/
PCTEL Company Contact Suzanne Cafferty Vice President,
Global Marketing PCTEL, Inc. (630) 339-2107
public.relations@pctel.com
PCTEL Investor Relations Contact Phillip Kupper Three
Part Advisors, LLC (817) 778-8339 Pkupper@threepa.com
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