Inpixon Completes Acquisition of Locality Systems Inc.
May 22 2019 - 8:30AM
Inpixon (Nasdaq: INPX) (the “Company” or “Inpixon”), a leading
indoor positioning and data analytics company, today announced it
has completed the acquisition of Locality Systems Inc.
(“Locality Systems”), a technology company based near Vancouver,
Canada, specializing in wireless device positioning and radio
frequency (RF) augmentation of video surveillance systems. Inpixon,
through its wholly owned subsidiary, Inpixon Canada, Inc., acquired
all of the outstanding common shares of Locality Systems.
"Inpixon can now offer what we believe is one of the indoor
positioning market's most comprehensive product lines for visitor
analytics and physical cyber security," said Nadir Ali, Inpixon
CEO. "We think Locality's Wi-Fi-based analytics solution is a great
entry point for customers starting out in indoor positioning. We
expect the offering to increase the number of new Inpixon customers
and to help us capture a significant share of the fast-growing
Wi-Fi analytics market1. Those new customers will have the option
to upgrade to IPA Pod and IPA Sensor 4000 as they experience the
many uses and benefits of Indoor Positioning Analytics."
Locality Systems' video management system (VMS) integration,
currently available for a number of leading VMS vendors, can assist
security personnel in identifying potential suspects and tracking
their movements cross-camera and from one facility to another. The
solution is designed to enhance traditional security video feeds by
correlating RF signals with video images.
"From our standpoint, the RF-video correlation offering is a
unique and powerful tool to help businesses identify persons of
interest and to improve security and safety," commented Frank
Hallett, Locality Systems' CTO. "We believe this solution is
breaking new ground, and we will continue to innovate with the
additional sensor fusion Inpixon has planned."
"I'm thrilled to be joining the Inpixon team," commented Kirk
Moir, Locality Systems CEO. "The location intelligence technology
developed at Locality is a great fit within the Inpixon product
line. I look forward to working with the rest of the Inpixon team
to take the expanded product line to Inpixon's customers, prospects
and reseller partners in the Wi-Fi analytics space and also the
broader, and similarly fast-growing, indoor positioning
market2."
Answers to frequently asked questions about this announcement
can be found on the FAQ available here.
1 The Wi-Fi analytics market is expected to grow from USD 2.94
Billion in 2017 to USD 10.72 Billion by 2022, at a CAGR of 29.54%
during the forecast period, according to Marketandmarkets.
2 The global indoor location market size is expected to grow
from USD 7.11 Billion in 2017 to USD 40.99 Billion by 2022, at a
CAGR of 42.0% during the forecast period, according to
Marketsandmarkets.
In accordance with the terms of a Securities Purchase Agreement,
dated May 21, 2019 (“Purchase Agreement”), Inpixon, through its
wholly owned subsidiary Inpixon Canada, Inc., as purchaser,
acquired 100% of the outstanding shares of Locality Systems in
exchange for consideration consisting of a combination of cash and
shares of Inpixon’s common stock. For further information regarding
the terms and conditions of the acquisition contained in the
Purchase Agreement, and other related transactions, please see
Inpixon’s Current Report on Form 8K, which will be filed with the
Securities and Exchange Commission, in connection with this
transaction.
About Inpixon
Inpixon (Nasdaq: INPX) is a leader in Indoor Positioning
Analytics (IPA). Inpixon IPA Sensors are designed to find all
accessible cellular, Wi-Fi, and Bluetooth devices anonymously.
Paired with a high-performance data analytics platform, this
technology delivers visibility, security, and business intelligence
on any commercial or government location worldwide. Inpixon’s
products and professional services group help customers take
advantage of mobile, big data, analytics, and the Internet of
Things (IoT) to uncover the untold stories of the indoors. For the
latest insight on IPA, follow Inpixon on LinkedIn, @InpixonHQ on
Twitter, and visit inpixon.com.
Safe Harbor Statement
All statements in this release that are not based on historical
fact are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and the provisions
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
While management has based any forward-looking statements included
in this release on its current expectations, the information on
which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties and other factors, many of which are outside of the
control of Inpixon and its subsidiaries, which could cause actual
results to materially differ from such statements. Such risks,
uncertainties, and other factors include, but are not limited to,
the intregation of the products of Locality Systems, continued
development of Inpixon’s existing and new products, customer demand
for additional IPA products, the fluctuation of economic
conditions, the performance of management and employees, Inpixon’s
ability to obtain financing, competition, general economic
conditions and other factors that are detailed in Inpixon’s
periodic and current reports available for review at sec.gov.
Furthermore, Inpixon operates in a highly competitive and rapidly
changing environment where new and unanticipated risks may arise.
Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results.
Inpixon disclaims any intention to, and undertakes no obligation
to, update or revise forward-looking statements.
ContactInpixon Investor Relations:CORE IRScott Arnold, Managing
Director+1 516-222-2560www.coreir.com
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