ATLANTA, Feb. 17, 2022 /PRNewswire/ -- KORE Group
Holdings, Inc., a global leader in Internet of Things ("IoT")
Solutions and worldwide IoT Connectivity-as-a-Service ("IoT CaaS"),
announced today it has acquired Business Mobility Partners and
SIMON IoT, industry-leading mobility solution providers, to expand
its services and solutions within the healthcare and life sciences
industries.
This acquisition positions KORE as the premier global IoT enabler
in Connected Health
"Business Mobility Partners and SIMON IoT fit with the
capabilities underpinning our growth strategy and will enable us to
rapidly broaden our services in the evolving Life Sciences space,"
said Romil Bahl, KORE President and
CEO. "IoT is increasingly critical to the execution of clinical
trials, as they move to a more digital platform. While KORE has
presence in the Life Sciences industry, this tuck-in acquisition
helps to extend our portfolio even further in this segment and
serves as a true double-down bet in our largest industry sector,
Connected Health."
Business Mobility Partners, founded in 2016, has experienced
growth in recent years as it has focused on delivering IoT
enablement services to contract research organizations (CROs) and
remote patient monitoring (RPM) customers. The New York-based company was created to deliver
a world-class experience to healthcare customers, while building
one of the strongest distribution channels in the wireless
industry.
According to a survey of healthcare professionals by HIMSS, 47%
of respondents cited digital practices as a top organizational
priority; 80% plan to increase their digital investments. The shift
to a more digital delivery of healthcare and life science services
helps connect patients and participants to healthcare providers and
clinicians.
The combined entity will feature a bolstered portfolio of
managed IoT services, including industry-leading connectivity
offerings coupled with access to world-class pre-configured
solutions. Beyond the augmented portfolio of connected health
services and solutions, the acquisition also delivers a rich
channel program with leading wireless carriers.
"The combination of Business Mobility Partners and SIMON IoT
with KORE was a logical next step in the expansion of services we
can offer our customers," said Jared
Deith, President of Business Mobility Partners. "KORE's
global scale, coverage, and strategic vision allow us to continue
to rapidly grow and take our expertise to new levels for our
customers. The ability to take our momentum and fuel it with the
scale and systems of KORE is something that will benefit all of our
partners and customers."
Terms of the Transaction
The acquisition is subject to closing conditions and is expected
to close in February, at which time Business Mobility Partners will
operate under the name "Business Mobility Partners, a KORE
Company". Business Mobility Partners and SIMON IoT will continue to
operate as standalone entities, while maintaining access to the
full suite of KORE solutions and services.
For more information visit
https://www.korewireless.com/kore-acquires-business-mobility-partners
Inducement Award
In connection with KORE's acquisition of Business Mobility
Partners and SIMON IoT, and as inducements to employment with KORE,
Jared Deith, Senior Vice President,
Connected Health, was awarded 150,000 Restricted Stock Units,
Steven Daneshgar, Vice President,
IoTMS, was awarded 150,000 Restricted Stock Units, and Michael DeSalvo, Senior Director, Channels, was
awarded 75,000 Restricted Stock Units. Each of these grants of
Restricted Stock Units were based on the employment inducement
exemption provided under Section 303A.08 of the NYSE Listed Company
Manual. The awards were approved by the compensation committee of
the KORE's board of directors, which committee is comprised solely
of independent directors, and were granted as an inducement
material to the new employee entering into employment with KORE. As
a result, the awards did not require shareholder approval, and this
press release is being issued pursuant to applicable NYSE guidance.
The Restricted Stock Units will vest in two 25% installments on
each of the second and third anniversaries of September 30, 2021, with the remaining 50%
vesting on the fourth anniversary of September 30, 2021.
About KORE:
KORE is a pioneer, leader, and trusted advisor delivering
mission critical IoT solutions and services. We empower
organizations of all sizes to improve operational and business
results by simplifying the complexity of IoT. Our deep IoT
knowledge and experience, global reach, purpose-built solutions,
and deployment agility accelerate and materially impact our
customers' business outcomes. For more information, visit
korewireless.com.
Contacts
Landon Garner
KORE
Chief Marketing Officer
lgarner@korewireless.com
or
Investors:
Vik Vijayvergiya
Vice President, Investor Relations
investors@korewireless.com
or
Matt Glover, Alex Thompson
Gateway Group, Inc.
KORE@gatewayir.com
+1-949-574-3860
Cautionary Note on Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding projections
of market opportunity, product and service development and
availability, alliances and other relationships with third parties,
the benefits and impacts of KORE's acquisition of Business Mobility
Partners and SIMON IoT and related expectations and statements
regarding KORE's competitive position. These statements are based
on various assumptions and on the current expectations of KORE's
management. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as and
must not be relied on by any investor or other person as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of KORE.
These forward-looking statements are subject to a number of risks
and uncertainties, including general economic, financial, legal,
political and business conditions and changes in domestic and
foreign markets; the potential effects of COVID-19; risks related
to the rollout of KORE's business and the timing of expected
business milestones; changes in the assumptions underlying KORE's
expectations regarding its future business; the effects of
competition on KORE's future business; and the outcome of judicial
proceedings to which KORE is, or may become a party. If the risks
materialize or assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements. There may be additional risks that KORE presently does
not know or that KORE currently believes are immaterial that could
also cause actual results to differ materially from those contained
in the forward-looking statements. In addition, forward-looking
statements reflect KORE's expectations, plans or forecasts of
future events and views as of the date of this press release. KORE
anticipate that subsequent events and developments will cause these
assessments to change. However, while KORE may elect to update
these forward-looking statements at some point in the future, KORE
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing KORE's assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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SOURCE KORE Wireless