DALLAS, Aug. 18, 2021 /PRNewswire/ -- COMSovereign Holding Corp. (NASDAQ: COMS) ("COMSovereign" or "the Company"), a U.S.-based developer of 4G LTE Advanced and 5G Communication Systems and Solutions, today announced that it has completed the acquisition of the majority of outstanding shares of SAGUNA Networks LTD ("SAGUNA"), the premier Multi-Access Edge Computing ("MEC") cloud software developer, significantly expanding its software technology offerings powering 5G wireless networks.
Terms of the transaction include total consideration of $13.6 million in shares of restricted common stock. The Company expects to complete the transaction, subject to other customary closing conditions, in approximately 30 days in compliance with Israeli law.
SAGUNA, based in Yokneam, Israel, is the software developer behind the award-winning vEdge which transforms communication networks into powerful cloud-computing infrastructures for applications and services including augmented and virtual reality, the internet of things ("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. Recently, SAGUNA introduced its latest, groundbreaking solution called vEdge+ which integrates its MEC technology with UPF (User Plane Function) capabilities for packet routing and forwarding, interconnection to the Data Network, policy enforcement and data buffering, all designed and ready for 5G networks. SAGUNA'S MEC software is behind the SK Telecom Network in Jeonju, South Korea which is currently the world's fastest commercially deployed 5G network in the world (Source: OpenSignal, "Benchmarking the Global 5G Experience - April 2021"). For more information on Mobile Edge Computing in 5G networks, please view a primer published at IEEE.org. IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity.
"SAGUNA has the potential to be one of the most significant and transformative acquisitions ever made by COMSovereign because of the critical enabling role that Edge computing plays in 5G and beyond wireless networking. The promise of 5G; its increased speed, capacity, and significantly reduced latency, is predicated on the ability to move compute closer to the end user. Without edge computing, regardless if it is a smartphone, a smart city or factory, or any one of potentially billions of IoT devices which are now proliferating throughout our modern society, the 5G applications needed to support them will not operate effectively," said Dr. Dustin McIntire, Chief Technology Officer of COMSovereign. "SAGUNA's technology currently anchors the fastest measured 5G deployed network to date and its advancements into IoT has brought it accolades and an increasingly steady flow of contracts from some of the largest global telecommunications and technology companies such as Hewlett Packard Enterprise among others. Our teams are already fully committed to integrating the capabilities of SAGUNA's MEC into our full range of radio and networking product lines and are confident these efforts will produce some of the highest performing communications products in the market."
Ido Gur, CEO of SAGUNA commented, "The entire SAGUNA team is excited about the opportunity to join the COMSovereign organization as we have already begun working alongside many of their talented management and engineering teams. In just a short amount of time, we have already benefited from our collaboration thanks to COMSovereign's insights into the needs of commercial and government customers and their creative approach to technology innovation which has broadened our MEC horizons, applications, and market use cases. We couldn't be more pleased to be a part of what COMSovereign has built and is bringing to market."
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 network. By combining strategic acquisitions with organic research and development efforts, COMSovereign has built a U.S.-based communications solution provider able to deliver end-to-end 4G LTE Advanced and 5G-NR telecom solutions to network operators, enterprises, and governments. For more information about COMSovereign, please visit www.COMSovereign.com.
About SAGUNA Networks LTD
SAGUNA, the Edge Cloud Computing pioneer, helps communication companies monetize, optimize & accelerate their networks. Our any-access Mobile-Edge-Compute 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, smart cities, smart factories, 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, the availability of parts and components for the manufacture of products, 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
investors@comsovereign.com
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
COMS@mzgroup.us
www.mzgroup.us
and
Media Relations for COMSovereign Holding Corp.:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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