OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”) a
leading provider of Supply Chain and Artificial Intelligence
(AI)-based solutions, announced today that it has signed a
definitive agreement to acquire Tadiran Telecom, an international
provider of Advanced Unified Communications and Collaboration
(UC&C) Solutions enhancing its software.
Tadiran, a pioneer in communication technologies
and a well-known brand develops, designs, manufactures, and sells
unified communications-as-a-service solutions that enable
businesses to better communicate, collaborate, and connect in
Israel, the US, India, Far East and across additional countries
worldwide. The company offers cloud communications and contact
center solutions based on a Message, Video and Voice platform
focused on highly secure, and reliable connectivity.
Tadiran complements omniQ enabling a
comprehensive advanced state of the art telecom solution combined
with legacy solutions including unified
communications-as-a-service, hosted and on-premises UC&C
platforms, a collaborative contact center solution that delivers
Omni-channel, IP PBXs, Telecom infrastructure integration and other
legacy telecom solutions to a large base of customers over the
world such as Governments, Hospitals, Shopping Centers, Logistic
Yards, Supermarkets, Transportation, Financial Institutions Hotels,
Power Stations, Organizations, and others. The comprehensive
solution will improve connectivity, efficiencies and data
management of omniQ’s customers.
Shai Lustgarten, the CEO of omniQ, commented:
“With the addition of Tadiran, we will possess a comprehensive
proprietary communication solution that enables us to better serve
our customers. Our platform technology utilizes 3 steps, we Sense,
Identify and Act. With the addition of Tadiran, we can now add
audio, cellular and WIFI signals to our current sensors which today
include camera’s, scanners, RFID and Bluetooth technologies
allowing us to analyze the digital data in greater detail and at
faster speeds. This significantly enhances our ability to manage
events and mitigate risks at all levels. The new smart automation
is a unique solution into our supply chain, traffic management,
retail and hospitality customers, allowing us to provide superior
service with more accurate and faster sensing, identification and
action. As omniQ continues to drive automation for our customers,
this acquisition not only allows us to meet the existing
organizational communication needs of our current customers but
also enables us to create automation through real-time AI
communication sensing. This is important as it provides us the
capability to identify and respond faster and with greater
accuracy. By leveraging the sensing and digitization of
communication data and identifying trends at the communication AI
level, we can take prompt and precise actions. This capability is
crucial in our commitment to delivering predictive and proactive
actions.
Tadiran significantly strengthens our Safe City
product, Q-Shield. By leveraging Tadiran's expertise and resources,
we enhance Q-Shield's capabilities, solidifying our position as a
leader in the market. Q-Shield, along with Tadiran's technologies
will offer advanced video surveillance, real-time data analytics,
artificial intelligence, and integration with external devices and
systems. This comprehensive solution enables proactive monitoring,
early threat detection, efficient emergency response, and overall
improved public safety and security.”
Lustgarten concluded, "Our acquisition of
Tadiran is a pivotal moment for omniQ, as it aligns perfectly with
our strategic goals of increasing recurring revenue and enhancing
profitability. By expanding our portfolio with Tadiran's robust
business model, customer base, UC&C solutions, and enhanced
Safe City offering, we strengthen our market position and unlock
new revenue streams. Tadiran's UC&C solution, Aeonix, will
empower our customers with an advanced, cloud-based communication
platform, while enhancing our Safe City product, Q-Shield. These
synergies create opportunities for growth, market expansion, and
increased shareholder value. We are dedicated to delivering
exceptional solutions and maximizing value for both our company and
shareholders.”
Based on reported segment results from Afcon’s
2022 annual financial statements: Tadiran had revenue of $26M in FY
2022 and $1.7M in operating profit. Tadiran’s revenue also includes
a significant portion which is recurring revenue. For 100% of
Tadiran’s shares, omniQ will pay a total consideration of $15.25M
of which $12.5M will be paid in cash which is expected to be
financed with traditional debt. In addition, $2.75M of the
consideration will be paid in the form of restricted non-discounted
common stock. A potential performance based earnout clause of up to
$0.75M if earned would be paid by issuing restricted non-discounted
omniQ common stock.
About Tadiran:
Tadiran boasts an impressive customer base,
including renowned organizations such as the US Department of
Veteran Affairs, US Banks and School Districts, Israeli Ministry of
Defense, India Metro, prominent medical centers, and leading
supermarket chains.
A standout solution offered by Tadiran is
Aeonix, a pure software-based UC&C solution. Aeonix delivers
advanced features and capabilities of an on-premises PBX, without
the need for most onsite hardware, eliminating related costs and
maintenance concerns
The benefits of Aeonix are substantial,
including unified messaging, touch desktop/mobile voice, video, and
messaging communications, advanced call routing, contact center
capabilities, collaboration via Zoom integration, emergency
response control, real-time data processing, integration with
external devices and systems, large audio conferences, and call
recording. These features enable customers to transform their
communication and collaboration practices, improving internal
workflows and enhancing customer interactions, ultimately driving
overall business success.
The closing of the acquisition is expected
within 60 days and is subject to necessary regulatory approval and
the satisfaction of other closing conditions. There can be no
assurance that the transaction will be consummated.
About OMNIQ Corp:
OMNIQ Corp. provides computerized and machine
vision image processing solutions that use patented and proprietary
AI technology to deliver data collection, real-time surveillance
and monitoring for supply chain management, homeland security,
public safety, traffic & parking management, and access control
applications. The technology and services provided by the Company
help clients move people, assets, and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.
OMNIQ’s customers include government agencies
and leading Fortune 500 companies from several sectors, including
manufacturing, retail, distribution, food and beverage,
transportation and logistics, healthcare, oil, gas, and
chemicals.
The Company currently addresses several
billion-dollar markets, including the Global Safe City market,
forecast to grow to $29 billion by 2022, and the Ticketless Safe
Parking market, forecast to grow to $5.2 billion by 2023 and the
fast casual restaurant sector expected to reach $209 billion by
2027.
For more information please
visit www.omniq.com.
Information about Forward-Looking
Statements
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995. Statements in this press
release relating to plans, strategies, economic performance and
trends, projections of results of specific activities or
investments, and other statements that are not descriptions of
historical facts may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934.
This release contains “forward-looking
statements” that include information relating to future events and
future financial and operating performance. The words “anticipate”,
“may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,”
“potential” and similar expressions and variations thereof are
intended to identify forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which that performance or those results will be
achieved. Forward-looking statements are based on information
available at the time they are made and/or management’s good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. Examples of
forward-looking statements include, among others, statements made
in this press release regarding the closing of the private
placement and the use of proceeds received in the private
placement. Important factors that could cause these differences
include, but are not limited to: fluctuations in demand for the
Company’s products particularly during the current health crisis,
the introduction of new products, the Company’s ability to maintain
customer and strategic business relationships, the impact of
competitive products and pricing, growth in targeted markets, the
adequacy of the Company’s liquidity and financial strength to
support its growth, the Company’s ability to manage credit and debt
structures from vendors, debt holders and secured lenders, the
Company’s ability to successfully integrate its acquisitions, and
other information that may be detailed from time-to-time in OMNIQ
Corp.’s filings with the United States Securities and Exchange
Commission. Examples of such forward looking statements in this
release include, among others, statements regarding revenue growth,
driving sales, operational and financial initiatives, cost
reduction and profitability, and simplification of operations. For
a more detailed description of the risk factors and uncertainties
affecting OMNIQ Corp., please refer to the Company’s recent
Securities and Exchange Commission filings, which are available
at https://www.sec.gov. OMNIQ Corp. undertakes no obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
unless otherwise required by law.IR Contact:
Koko Kimball
kkimball@omniQ.com
OMNIQ (NASDAQ:OMQS)
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