KORE Wireless is set to go public via special purpose acquisition company (SPAC) Cerberus Telecom Acquisition Corp CTAC in a deal with a pro-forma enterprise value of approximately $1 billion.
Romil Bahl, president and CEO of KORE Wireless, appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Monday.
What Is KORE Wireless? The company focuses on managing and scaling IoT (Internet of Things) solutions for its customers.
Smart city lighting, smart meters, fleet management, home security, gas tank and alcohol monitors are just some of the customer use cases, Bahl told Benzinga.
IoT encompasses everything, he said, adding that if a device is connected to the internet it is within the scope of KORE Wireless.
KORE Wireless simplifies the ecosystem of IoT, Bahl added.
Mergers And Acquisitions: The M&A accelerates the strategic repositioning of the company, the KORE Wireless CEO said.
The KORE Wireless customer base is growing by 20% or more annually, he noted, adding that as its customer base grows, so does KORE Wireless.
The company "doubled down" on its connectivity as a service offering through its acquisition of Aspider, Bahl said.
It also acquired Integron in 2019, which gave the company managed services and solutions capabilities as well as critical mass in the connected health space, he told Benzinga.
There remain multiple opportunities to acquire companies in industries that can help expand and improve the IoT solutions that KORE Wireless offers, Bahl noted.
SPAC Notes: The merger is expected to take place sometime in the third quarter, and Bahl noted he is optimistic the merger will take place in the first half of that quarter.
Pending shareholder approval, the combined company will be listed on the New York Stock Exchange and trade under the ticker symbol “KORE."
CTAC Price Action: Cerberus Telecom Acquisition Corp has traded as high as $11.24 and as low as $9.72 since its IPO in October 2020.
At last check Monday, the stock was down 0.15% at $9.94.
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