PALO ALTO, Calif., May 3, 2021 /PRNewswire/ -- Inpixon (Nasdaq:
INPX), the Indoor Intelligence™ company, today announced it has
acquired the outstanding capital stock of Design Reactor, Inc.
(a.k.a., "The CXApp"), a leading SaaS app platform. The CXApp
enables corporate enterprise organizations to provide a
custom-branded, location-aware employee app focused on enhancing
the workplace experience and hosting virtual and hybrid events. The
acquisition is expected to be accretive to revenue and earnings.
Leon Papkoff, founder of The CXApp,
joins Inpixon as executive vice president leading Inpixon's CXApp
Division.
Inpixon and The CXApp have recently partnered on several
enterprise engagements and are seeing strong demand for
applications that enable smarter, safer and more secure workplaces.
Businesses and employees are experiencing a paradigm shift in what
it means to "go to work" and how employees interact with one
another and the physical spaces that make up the workplace. The
combined offerings and expertise of the companies provides
customers with access to an unparalleled suite of complementary
products, giving employees the ability to manage different types of
workplace scenarios from their personal devices, and to have access
to smarter, location-aware experiences. To meet the demand for
rapid deployment, more than 75 pre-built integrations with
third-party solutions are available, including Active Directory,
Exchange, G-Suite, Zoom and Slack.
With this acquisition, the two companies believe they will be
able to move quicker and innovate faster than others in the space
in order to capture a significant share of the global digital
workplace market which is expected to grow from
$22.7 billion in 2020 to $72.2 billion by 2026 at a CAGR of 21.3%, and the
global event management software market which is
forecasted to grow from $3.6 billion
in 2020 to $6.4 billion by 2026 at a
CAGR of 10.0% according to research firm
MarketsandMarkets.
"This acquisition of The CXApp and its fusion with Inpixon's
products, immediately with mapping and on-device positioning and in
the near term with our sensors and tags, is a transformative step
to grow our business significantly," said Nadir Ali, CEO of Inpixon. "Due to the
increasing need for technologies that can support the changing
demands of a hybrid workplace, The CXApp has experienced over 73%
in revenue growth in 2020 as compared to the prior year and an even
greater increase in demand and pipeline growth, and we are seeing
this rapid growth rate continue into 2021. As a combined solution,
Inpixon expects to see an increase in average selling price (ASP)
by 10x over its existing mapping products currently offered to
enterprise organizations, which we anticipate will result in
substantial revenue growth. The CXApp's platform for
multi-location, live-streamed and on-demand events is another key
market need addressed by Inpixon as a result of the acquisition.
Leveraging The CXApp's event management platform for the booming
hybrid events category could further increase the expected revenues
and help us to achieve added valuation metrics for this product
line reflective of events companies recently, such as Hopin and
Bizzabo."
Leon Papkoff, EVP, Inpixon's
CXApp Division, stated, "With nearly one million end-user profiles
deployed globally across a dozen countries, The CXApp has pioneered
workplace technology for the last six years, leading innovative
experiences across employee engagement, office solutions, and desk
booking technology for Fortune 500 and other
enterprise customers in high tech, healthcare, media,
retail, and financial services. We are pleased to have joined
Inpixon, and we look forward to continuing the mutual success with
our great ecosystem partners as we help businesses bring their
employees back to the office in a safe and efficient manner that
carries over well beyond the pandemic."
Soumya Das, COO of Inpixon,
commented, "Inpixon is an innovator in the Indoor Intelligence
space. We believe we were first to market with RF sensor fusion
including UWB, Wi-Fi, BLE and cellular detection and positioning,
displaying simultaneous RF and video integration, and incorporating
artificial intelligence into positioning analytics. We've continued
that leadership with our integration of indoor mapping and
on-device blue dot tracking, and we recently added augmented
reality – a technology with the potential to favorably disrupt
the market – to our portfolio to support more immersive user
experiences. And now with The CXApp, we can offer what we believe
is the market's only enterprise-class SaaS-based mobile app
platform for workplace transformation and events management with
deep integration of advanced mapping and positioning capabilities.
We welcome The CXApp employees, customers and partners to the
Inpixon team and look forward to continuing to fulfill our mission
to do good with indoor data."
Answers to frequently asked questions about this announcement
can be found on the FAQ available here.
The acquisition consists of a purchase price that includes a
combination of cash and equity. For additional details concerning
the terms of the transaction, please reference the Company's
current report on Form 8-K which will be filed with the U.S.
Securities and Exchange Commission.
About The CXApp
The CXApp is a mobile solution for digital workplace experience,
built on a SaaS platform, driving mobile-first engagement through
personalized and connected on-site journeys. The CXApp is a leading
mobile app platform that can be customized and deployed across all
of an organization's locations, buildings, and programs year after
year. The CXApp streamlines all digital touchpoints across the
workplace into one central hub. For more information, visit
thecxapp.com.
About Inpixon
Inpixon® (Nasdaq: INPX) is the Indoor Intelligence™ company that
specializes in capturing, interpreting and giving context to indoor
data so it can be translated into actionable intelligence. The
company's Indoor Intelligence platform ingests diverse data from
IoT, third-party and proprietary sensors designed to detect and
position active cellular, Wi-Fi, UWB and Bluetooth devices. Paired
with a high-performance data analytics engine, patented algorithms,
and advanced mapping technology, Inpixon's solutions are leveraged
by a multitude of industries to do good with indoor data. This
multidisciplinary depiction of indoor data enables users to
increase revenue, decrease costs, and enhance safety. Inpixon
customers can boldly take advantage of location awareness,
analytics, sensor fusion and the Internet of Things (IoT) to
uncover the untold stories of the indoors. For the latest insights,
follow Inpixon on LinkedIn, 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 fluctuation of economic conditions, the impact of COVID-19 on
Inpixon's results of operations, Inpixon's ability to integrate the
products and business from The CXApp and other recent acquisitions
into its existing business, the performance of management and
employees, the regulatory landscape as it relates to privacy
regulations and their applicability to Inpixon's technology,
Inpixon's ability to maintain compliance with Nasdaq's minimum bid
price requirement and other continued listing requirements, the
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.
Inpixon Contacts
Media relations and general inquiries:
Inpixon
Email: marketing@inpixon.com
Web: inpixon.com/contact-us
Investor relations:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: INPX@crescendo-ir.com
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SOURCE Inpixon