Iota Communications to be the first publicly-traded, pure-play, fully-featured IoT network operating company in the U.S.
Solbright Group, Inc., an industrial AI, machine learning and energy management company providing Internet of Things (IoT) solutions for commercial and industrial facilities, and M2M Spectrum Networks, LLC, the fast-growing, national, dedicated IoT network access and IoT solutions company, today announced the signing of a merger agreement creating the first publicly-traded, pure-play, fully-featured IoT network operating company in the U.S.
The merger follows Solbright and M2M’s June partnership announcement, offering a comprehensive, next-generation Smart Facilities line of products and services, called SF Net, which includes security, asset tracking, facilities management, energy management, predictive maintenance and more.
The new combined company, to be renamed Iota Communications, Inc. (“Iota“), will add Iota’s healthcare, logistics, agricultural, and geo-marketing base to Solbright’s smart facilities and industrial offerings, bringing together:
- M2M’s best-in-class, end-to-end network connectivity employing FCC-licensed radio spectrum;
- a robust IoT cloud platform buttressed with BrightAI from Solbright; and
- a combined suite of applications for the IoT’s most valuable verticals.
“The more we understood Solbright’s resources, the more we realized that a complete integration of the two companies would have the potential to create significant value for both customers and shareholders,” said Iota Co-Founder and CEO Barclay Knapp.
“Our plug-and-play IoT network access system, licensed radio frequencies, and customer applications, coupled with Solbright’s superior ‘back-end’ analytical capabilities, will provide a comprehensive end-to-end platform that we believe is unmatched in today’s IoT industry.”
“We anticipate that becoming the country’s first publicly-traded, pure-play IoT network operating company will provide us with significant competitive advantages as we accelerate Iota’s strategic development.”
“Our partnership with Iota revealed a tremendous opportunity for us to put the companies together to drive value for our shareholders and customers,” added Solbright Chairman and CEO Terrence DeFranco.
“This transaction is potentially a catalyst to place us years ahead in terms of our existing business in serving commercial and industrial facilities managers while adding significant value as a full service, turn-key IoT service provider in multiple verticals. In all, we believe this deal puts us at the forefront in the industry and we could not be more excited to be a part of such a dynamic and explosive opportunity.”
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February 25, 2019