Combined entity aims to drive enterprise global adoption and innovation in fast-growing Internet-Of-Things market.
KORE Wireless Group, Inc. (“KORE”), the world’s largest managed wireless network services provider specializing in Machine-to-Machine (M2M) communications and the Internet of Things (IoT), today announced the acquisition, in an all-cash transaction, of Wyless Group Holdings (“Wyless”).
Following the completion of this transaction, the combined company will be supported by a staff of more than 350 team members, maintain a customer base of more than 3,000 B2B companies globally and serve in excess of six million subscribers on behalf of those customers. The organization will instantly rise to become one of the six largest providers of M2M/IoT services globally, inclusive of carriers.
“Both Wyless and KORE have a long history, dating back to 2003, of serving the M2M market from its early beginnings through innovation and strong customer relationships. We expect our high-performing teams to come together to push into new realms of software services for tomorrow’s globally connected business environment,” said Alex Brisbourne, CEO of KORE.
“That’s where the real excitement lies. We are creating the only true global, technology-rich provider of services for the fastest-growing and most interesting segment of the technology landscape, where data management and telecommunications converge. We believe no other provider can marshal our blend of talented and knowledgeable people, geographic reach and technology platforms. This combination provides greater opportunity for our customers, small and large, to scale, expand and grow their businesses in IoT as they reach out into new markets and geographies.”
The combined business will have extensive physical presence and data center operations in Asia, Latin America, Europe and North America to support customers on a truly global scale. In addition, the combined companies bring together the deepest expertise in M2M, 12 years in the making, and a demonstrated ability to apply this competency to the emerging IoT market.
Mike Coffey, CEO, Wyless Group, said:
“Bringing our combined resources together will allow us to deliver solutions that, quite simply, aren’t available in the market for many to access to date.”
“We have the strongest financial underpinning in the industry, and will call upon these resources to invest in lock-step with the desires of our customer base. All parties emerge from this transaction with a unified commitment to long-term growth above all else, of which we know we only achieve through creating incredible customer success.”
The Company is uniquely positioned as it drives increasing innovation through software service and platforms that will manage the intersection of data collection, data management and telecommunications for the world’s largest enterprise customers. Fully one-third of the organization will be committed to product development around new technologies, including eSIM services, to help global enterprises build their next generation of solutions quickly, and take better control of “big data” applications and insights.
“Coupled with ubiquitous ability to reach all parts of the globe over 2G, 3G, 4G, GSM, CDMA and satellite networks, we can reliably collect and deliver data anywhere on the planet,” said Brisbourne.
Alex Brisbourne will continue on in his role as CEO of the combined business and Mike Coffey, current CEO of Wyless, will assume the new position of Chief Operating Officer. The executive team will comprise of key executives from both companies.
The acquisition is subject to regulatory and other consents, and is expected to close in early Q2, 2016. Financial terms are not disclosed.