DALLAS, May 18, 2021 /PRNewswire/ — COMSovereign Holding Corp. (NASDAQ: COMS) (“COMSovereign” or “Company”), a U.S.-based developer of 4G LTE Advanced and 5G Communication Systems and Solutions, today announced that it is acquiring SAGUNA Network LTD (“SAGUNA”), the premier Multi-Access Edge Computing (“MEC”) cloud software developer, significantly expanding its software technology offerings powering 5G wireless networks.
SAGUNA, based in Yokneam, Israel, is the software developer behind the award-winning SAGUNA Edge Cloud which transforms communication networks into powerful cloud-computing infrastructures for applications and services including augmented and virtual reality, IoT, edge analytics, high-definition video, connected cars, autonomous drones and more. SAGUNA allows these next generation applications to run closer to the user in a wireless network, dramatically cutting down on latency which is a fundamental and critical requirement of 5G. Their Edge Cloud operates on general purpose computing hardware but can be optimized to support the latest AI and machine learning features through dedicated accelerators.
Terms of the transaction include total consideration of $13.1 million consisting exclusively of shares of restricted common stock. The transaction is expected to close within approximately 15 days subject to traditional closing conditions.
Transaction Highlights
- SAGUNA Edge Cloud MEC solution simplifies and accelerates development, deployment, management and automation of edge cloud platforms and edge applications. It is fully compliant with the ETSI MEC standard and 3GPP 5G specifications, providing Ultra-Reliable and Low Latency Communication (URLLC) enabling 5G features over existing 4G networks and setting the stage for 5G roll-out.
- SAGUNA is one of the industry’s leading edge computing software companies and was recently chosen by Hewlett Packard Enterprise as a core mobile edge computing platform for the globe telecom 5G innovation lab in the Philippines.
- Acquisition brings existing revenue to COMSovereign and extends its direct sales reach into new market segments with new customers and partners.
“COMSovereign’s mission has been to enable the 4G LTE wireless networks of today and the emerging 5G networks now being deployed by addressing the critical technical and physical challenges facing operators who need to reliably expand connectivity for customers. With the acquisition of SAGUNA, we are taking a huge step towards a complete software-defined 5G network, where cloud-based edge computing can provide a single, converged platform for the RAN, Core, and MEC, an industry first,” said Dr. Dustin McIntire, Chief Technology Officer of COMSovereign.
Ido Gur, CEO of SAGUNA commented, “This is an exciting development for our team because we are confident that SAGUNA’s cloud-based mobile edge computing products will greatly complement COMSovereign existing solutions. I believe that together, COMSovereign and SAGUNA will be able to leverage many immediate synergies to accelerate adoption of our combined technologies to deliver the most advanced wireless compute solutions in the market today.”
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter.
About COMSovereign Holding Corp.
COMSovereign Holding Corp. (Nasdaq: COMS) has assembled a portfolio of communications technology companies that enhance connectivity across the entire data transmission spectrum. Through strategic acquisitions and organic research and development efforts, COMSovereign has become a U.S.-based communications provider able to provide 4G LTE Advanced and 5G-NR telecom solutions to network operators and enterprises. For more information about COMSovereign, please visit www.COMSovereign.com.
About SAGUNA Network LTD
SAGUNA, the Edge Cloud Computing pioneer, helps communication companies monetize, optimize & accelerate their networks. Our any-access Mobil-Edge-Cloud solutions transform networks into powerful cloud computing infrastructures for game-changing applications including augmented and virtual reality, gaming, IoT, edge analytics, 8K video, connected cars, autonomous drones, and more. Visit http://www.saguna.net to learn more about SAGUNA’s latest advancements.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “believe,” “expects,” “may,” “looks to,” “will,” “should,” “plan,” “intend,” “on condition,” “target,” “see,” “potential,” “estimates,” “preliminary,” or “anticipates” or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. Moreover, forward-looking statements in this release include, but are not limited to, the impact of the current COVID-19 pandemic, which may limit access to the Company’s facilities, customers, management, support staff, and professional advisors, and to develop and deliver advanced voice and data communications systems, demand for the Company’s products and services, economic conditions in the U.S. and worldwide, and the Company’s ability to recruit and retain management, technical, and sales personnel. Further information relating to factors that may impact the Company’s results and forward-looking statements are disclosed in the Company’s filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Steve Gersten, Director of Investor Relations
COMSovereign Holding Corp.
813-334-9745
[email protected]
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
[email protected]
www.mzgroup.us
and
Media Relations for COMSovereign Holding Corp.:
Michael Glickman
MWGCO, Inc.
917-397-2272
[email protected]
SOURCE COMSovereign Holding Corp.
