*Partnership to Address Growing KYC Needs in
the NIL Era and Beyond*
Data Vault Holdings, Inc.®, which is under a definitive asset
purchase agreement to sell its Datavault® and ADIO® IP and IT
assets to WiSA Technologies, Inc. (NASDAQ: WISA) and is leading the
way in data visualization, valuation, and monetization is proud to
partner with CLEAR, the security identity platform, to power its
Know Your Customer (KYC) solution.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240926899809/en/
By embedding CLEAR, Data Vault Holdings will further enhance
security, compliance, and trust of its new user accounts. Data
Vault secures NIL rights such as voice, appearance, and copyrighted
material. Data Vault Holdings’ Information Data Exchange provides a
robust solution for different financial transactions, ensuring KYC
processes are seamlessly integrated to protect the authenticity of
digital identities, addressing a major concern in these
platforms.
“At CLEAR, we believe identity is foundational across so many
industries,” said Andres Ricaurte, Head of Consumer and Financial
Services at CLEAR. “We are partnering with Data Vault Holdings to
deliver our secure, KYC compliant solution for its customers.”
The need for advanced KYC solutions is growing rapidly, as
identity protection and fraud prevention become critical in the
evolving digital economy. Global AML and KYC spending is projected
to grow from $3.1 billion in 2023 to $6.8 billion by 2028 at a
compound annual growth rate (CAGR) of 17%, underscoring the urgency
for secure and compliant processes. This collaboration is
especially relevant in the expanding NIL landscape, where athletes,
influencers, and individuals are increasingly monetizing their
personal brands.
"Data Vault Holdings is proud to partner with a market leader
like CLEAR, whose success and trusted partnerships have set a high
standard in identity verification," said Nathaniel T. Bradley, CEO
of Data Vault Holdings. "With the rise of the NIL market and the
growing importance of KYC in revenue-generating activities, we are
confident this collaboration will deliver industry-leading
solutions for businesses and individuals alike."
Through this partnership, Data Vault Holdings will integrate its
advanced digital twinning and data monetization technology with
CLEAR’s identity verification platform, further improving KYC
accuracy and efficiency for all participants, including businesses
in the NIL space, sports and entertainment, financial technology,
education and beyond.
Summary of WiSA Technologies & Datavault Business
Combination
As announced on September 4, 2024, WiSA Technologies, Inc.
(NASDAQ: WISA) entered a definitive asset purchase agreement to
purchase the Datavault® intellectual property and information
technology assets of privately held Data Vault Holdings Inc.®
Subject to customary conditions and approval by the stockholders of
WiSA Technologies, the closing is expected before December 31,
2024. A webcast about the transaction is accessible under the
Investors section of WiSA Technologies’ website.
About Data Vault Holdings Inc.
Data Vault Holdings Inc. is a technology holding company that
provides a proprietary, cloud-based platform for the delivery of
blockchain objects. Data Vault Holdings Inc. provides businesses
with the tools to monetize data assets securely over its
Information Data Exchange® (IDE). The company is in the process of
finalizing the consolidation of its affiliates Data Donate
Technologies, Inc., ADIO LLC, and Datavault Inc. as wholly owned
subsidiaries under one corporate structure. Learn more about Data
Vault Holdings Inc. here.
About CLEAR
CLEAR's mission is to create frictionless experiences. With over
25 million members and a growing network of partners across the
world, CLEAR's identity platform is transforming the way people
live, work, and travel. Whether you are traveling, at the stadium,
or on your phone, CLEAR connects you to the things that make you,
you – making everyday experiences easier, more secure, and
friction-free. CLEAR is committed to privacy done right. Members
are always in control of their own information, and we never sell
member data. For more information, visit clearme.com.
About WiSA Technologies, Inc.
WiSA Technologies, Inc. (NASDAQ: WISA) is a leading provider of
immersive, wireless sound technology for intelligent devices and
next-generation home entertainment systems. Working with leading CE
brands and manufacturers such as Harman International, a division
of Samsung; LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and
others, the company delivers immersive wireless sound experiences
for high-definition content, including movies and video, music,
sports, gaming/esports, and more. WiSA Technologies, Inc. is a
founding member of WiSA™ (the Wireless Speaker and Audio
Association) whose mission is to define wireless audio
interoperability standards as well as work with leading consumer
electronics companies, technology providers, retailers, and
ecosystem partners to evangelize and market spatial audio
technologies driven by WiSA Technologies, Inc. The company is
headquartered in Beaverton, OR with sales teams in Taiwan, China,
Japan, Korea, and California.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements,
include, among others, the Company’s and Datavault’s expectations
with respect to the proposed Business Combination between them,
including statements regarding the benefits of the Business
Combination, the anticipated timing of the Business Combination,
the implied valuation of Datavault, the products offered by
Datavault and the markets in which it operates, and the Company’s
and Datavault’s projected future results. Readers are cautioned not
to place undue reliance on these forward-looking statements. Actual
results may differ materially from those indicated by these
forward-looking statements as a result of a variety of factors,
including, but are not limited to, risks and uncertainties
impacting WiSA’s business including, risks related to our current
liquidity position and the need to obtain additional financing to
support ongoing operations, our ability to continue as a going
concern; our ability to maintain the listing of our common stock on
Nasdaq and other drivers, our ability to predict the timing of
design wins entering production and the potential future revenue
associated with design wins; rate of growth; the ability to predict
customer demand for existing and future products and to secure
adequate manufacturing capacity; consumer demand conditions
affecting customers’ end markets; the ability to hire, retain and
motivate employees; the effects of competition, including price
competition; technological, regulatory and legal developments;
developments in the economy and financial markets; potential harm
caused by software defects, computer viruses and development
delays; risks related to our proposed Business Combination,
including our ability to obtain stockholder approval and any
regulatory approvals required to consummate the transactions and
our ability to realize some or all of the anticipated benefits
therefrom, which may be affected by, among other things, costs
related to the Business Combination, competition and the ability of
the post-combination company to grow and manage growth
profitability and retain its key employees; the risk that the
Business Combination may not be completed in a timely manner or at
all, which may adversely affect the price of the Company’s
securities; the occurrence of any event, change or other
circumstance that could give rise to the termination of the Asset
Purchase Agreement; the receipt of an unsolicited offer from
another party for an alternative transaction that could interfere
with the Business Combination; the effect of the announcement or
pendency of the Business Combination on our and Datavault’s
business relationships, performance, and business generally; the
outcome of any legal proceedings that may be instituted against us
or Datavault following the announcement of the proposed Business
Combination; the risk of any investigations by the SEC or other
regulatory authority relating to any future financing, the Asset
Purchase Agreement or the Business Combination and the impact they
may have on consummating the transactions; the ability to implement
business plans, forecasts, and other expectations after the
completion of the proposed Business Combination, and identify and
realize additional opportunities; any risks that may adversely
affect the business, financial condition and results of operations
of Datavault, including the risk that Datavault is unable to secure
or protect its intellectual property; our ability to protect our
intellectual property; the post-combination company’s ability to
establish, maintain and enforce effective risk management policies
and procedures; the post-combination company’s ability to protect
its systems and data from continually evolving cybersecurity risks,
security breaches and other technological risks; the risk that the
post-combination company’s securities will not be approved for
listing on Nasdaq or if approved, maintain the listing; and other
risks detailed from time to time in the Company’s filings with the
U.S. Securities and Exchange Commission. The information in this
press release is as of the date hereof and neither the Company nor
Datavault undertakes no obligations to update unless required to do
so by law. The reader is cautioned not to place under reliance on
forward looking statements. Neither the Company nor Datavault gives
any assurance that either the Company or Datavault, or the
post-combination company, will achieve its expectations.
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed Business Combination. This presentation
shall not constitute an offer to sell, or the solicitation of an
offer to buy, nor will there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of such state or jurisdiction. No
offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act, or an exemption therefrom.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240926899809/en/
Investors for WiSA Technologies and Data Vault Holdings:
David Barnard, LHA Investor Relations, 415-433-3777,
wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
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