- Momentum accelerates across the business; company delivers
record first quarter 2021 revenue results, with 10.8% revenue
growth over the first quarter 2020
- Company named by Gartner as a Leader in the 2021 Magic Quadrant
for Managed IoT Connectivity Services for second consecutive
year
- Cerberus’s CTAC files updated S-4 with the SEC on May 14, 2021;
shareholder meeting on announced merger with CTAC expected to take
place in July
- Company makes Critical Asset Monitoring solution available on
AWS Marketplace
- Company issues new video providing CEO’s vision of the future
of IoT and company’s distinct position to take advantage of the
opportunity
KORE, a global leader in Internet of Things (“IoT”) Solutions
and worldwide IoT Connectivity-as-a-Service (“CaaS”), today
reported preliminary first quarter fiscal 2021 revenue results,
marking double-digit year-over-year revenue growth.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210526005371/en/
Momentum strong for global IoT leader
KORE on run-up to public listing. (Photo: Business Wire)
“Our record first quarter revenue and ongoing strong financial
performance demonstrate that customers value the benefits of
partnering with a single provider who enables them to deploy,
manage and scale IoT solutions,” said KORE President and CEO Romil
Bahl. “We’re in the early stages of an IoT revolution that is
changing the way businesses and organizations operate, and we
remain focused on executing our proven strategy to drive superior
returns.”
The company announced first quarter ended March 31, 2021
preliminary revenue results of $55.3 million. The opportunity to
cross-sell and upsell its installed base of 3,600 enterprise
customers remains a key growth driver for KORE and this has fueled
momentum at the end of the quarter with a significant new IoT
Solutions order received from the company’s largest customer.
Fulfilling its promise to simplify the deployment of end-to-end
IoT solutions, KORE made its Critical Asset Monitoring solution
available in AWS Marketplace during the first quarter.
This offering comes at a time when the global supply chain is
stressed. Powered by Sony Visilion, KORE Critical Asset Monitoring
is a comprehensive solution that enables businesses to visualize
and mitigate the risks associated with global, multi-modal supply
chain operations and certifies chain of custody.
The IoT industry has taken notice of the leadership position
KORE has established. In the first quarter of 2021, KORE was
recognized for its completeness of vision and ability to execute
being named by Gartner as a Leader in the 2021 Magic Quadrant for
Managed IoT Connectivity Services. This honor represents the second
consecutive year that KORE has significantly advanced up and to the
right of the leaders’ quadrant. Additionally, IoT Breakthrough
Awards selected KORE’s eSIM Device Validation tool for Innovative
Solution of the Year.
The company continues its march toward an anticipated
third-quarter public listing through a merger with Cerberus Telecom
Acquisition Corp. (“CTAC” NYSE: CTAC.U, CTAC, CTAC WS), a special
purpose acquisition company affiliated with Cerberus Capital
Management, L.P. On March 12, 2021 KORE had announced its intention
to list on NYSE through a merger with Cerberus Telecom Acquisition
Corp (CTAC), and on April 8, CTAC filed an S-4 with the SEC in
connection with the merger. On May 14, 2021, CTAC filed a revised
S-4. The CTAC shareholder meeting on the proposed merger with KORE
is expected to take place in July, subject to the SEC concluding
its review of the revised CTAC S-4.
A newly released company video showcases the transformative
power of IoT. KORE President and CEO Romil Bahl shares his vision
for the future of IoT and the outlook for the KORE business.
View the video now.
“KORE services very sticky customers in a dynamic market that is
projected to reach approximately $1 Trillion in the next four
years,” said Tim Donahue, CEO of Cerberus’s CTAC and former
Executive Chairman of wireless giant Sprint Nextel. “The company’s
top-notch management team has delivered on their promises and
driven growth, consistently. Couple that quality leadership team
with a company that has real revenue and you’ll come to the same
conclusion I did. KORE can go to the next level, if not more.”
Additional Resource:
To learn more about KORE and hear from company management,
listen to the new SPACInsider webinar recorded on May 19, 2021.
About KORE
KORE is a pioneer, leader, and trusted advisor delivering
mission critical IoT solutions and services. We empower
organizations of all sizes to improve operational and business
results by simplifying the complexity of IoT. Our deep IoT
knowledge and experience, global reach, purpose-built solutions,
and deployment agility accelerate and materially impact our
customers’ business outcomes. For more information, visit
www.korewireless.com.
Important Information and Where to Find It
Company auditors have not completed their review of the first
quarter fiscal 2021 and 2020 financial information, including the
preliminary revenue results.
This press release references the proposed merger transaction
announced previously involving CTAC and KORE. CTAC and King Pubco,
Inc. (“Pubco”) filed a registration statement on Form S-4 with the
SEC, which includes a proxy statement of CTAC and a prospectus of
Pubco, and CTAC will file other documents regarding the proposed
transaction with the SEC. A definitive proxy statement/prospectus
will also be sent to the stockholders of CTAC, seeking required
stockholder approval. Before making any voting or investment
decision, investors and security holders of CTAC are urged to
carefully read the entire registration statement and proxy
statement/prospectus, when they become available, and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to these documents, because they will contain important
information about the proposed transaction. The documents filed by
CTAC with the SEC may be obtained free of charge at the SEC's
website at www.sec.gov. In addition, the documents filed by CTAC
with the SEC may be obtained free of charge from CTAC’s website at
www.cerberusacquisition.com or upon written request to Cerberus
Telecom Acquisition Corp., 875 Third Avenue, New York, NY
10022.
This press release, similar to the previous announcement, does
not constitute an offer to sell or the solicitation of an offer to
buy any securities or a solicitation of any vote or approval, nor
shall there be any sale of any securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such other jurisdiction.
CTAC, KORE and certain of their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of CTAC, in favor of
the approval of the merger. Information regarding CTAC’s and KORE’s
directors and executive officers and other persons who may be
deemed participants in the transaction may be obtained by reading
the registration statement and the proxy statement/prospectus and
other relevant documents filed with the SEC when they become
available. Free copies of these documents may be obtained as
described above.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding estimates and
forecasts of revenue and other financial and performance metrics
and projections of market opportunity and expectations. These
statements are based on various assumptions and on the current
expectations of CTAC or KORE’s management. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by any investor or
other person as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of CTAC and/or KORE. These forward-looking
statements are subject to a number of risks and uncertainties,
including general economic, financial, legal, political and
business conditions and changes in domestic and foreign markets;
the potential effects of COVID-19; risks related to the rollout of
KORE’s business and the timing of expected business milestones;
changes in the assumptions underlying KORE’s expectations regarding
its future business; the effects of competition on KORE’s future
business; and the outcome of judicial proceedings to which KORE is,
or may become a party. If the risks materialize or assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that KORE presently does not know or that KORE
currently believes are immaterial that could also cause actual
results to differ materially from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect KORE’s expectations, plans or forecasts of future events
and views as of the date of this press release. KORE and CTAC
anticipate that subsequent events and developments will cause these
assessments to change. However, while KORE and/or CTAC may elect to
update these forward-looking statements at some point in the
future, each of KORE and CTAC specifically disclaims any obligation
to do so. These forward-looking statements should not be relied
upon as representing KORE’s assessments as of any date subsequent
to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210526005371/en/
KORE Media: Jean Creech Avent Vice President, Investor and
Public Relations jcreechavent@korewireless.com +1-843-986-8229
Investors investors@korewireless.com
Or
Investors: Matt Glover and Cody Slach Gateway Group, Inc.
KORE@gatewayir.com +1-949-574-3860
Cerberus Telecom Acquisi... (NYSE:CTAC.U)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Cerberus Telecom Acquisi... (NYSE:CTAC.U)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024