- ComSovereign Holding Corp COMS announced the acquisition of Innovation Digital for $8 million consisting of $1.6 million in cash and convertible debt and $6.4 million worth of shares.
- Innovation Digital is a developer of mixed analog/digital signal processing solutions, intellectual property (IP) licensing, design, and consulting services. The company’s clients included multiple U.S. defense contractors like General Dynamics Corp GD, Raytheon Technologies Corp RTX, L3Harris Technologies Inc LHX, and U.S Department of Defense agencies, including The Naval Surface Warfare Center, the Missile Defense Agency, the Air Force Research Laboratory and DARPA.
- Innovation Digital founder Dr. Scott Velasquez will become the Chief Research Officer for ComSovereign, including the Lextrum, VEO, and Innovation Digital business units.
- Innovative Digital is estimated to produce $3 million in net revenue from licensing in 2021. It held 21 issued and several pending U.S. Patents.
- The acquisition will fast-track the integration of Lextrum’s In-Band-Full-Duplex and the licensed Transpositional Modulation technologies into COMSovereign’s ‘Polaris’ 5G radio products, stated ComSovereign CTO, Dr. Dustin McIntire.
- ComSovereign had recently acquired video and communications products and physical security solutions provider RVision Inc for $5.58 million.
- ComSovereign held $0.73 million in cash and equivalents as of Dec. 31, 2020.
- Price action: COMS shares traded higher by 3.41% at $2.275 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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