Phunware To Acquire Lyte Technology To Drive Blockchain Ambitions

  • Enterprise cloud provider Phunware Inc PHUN agreed to acquire Lyte Technology for up to a $10.32 million purchase price in cash and stock, with $3.32 million cash at closing and the remaining $7 million in earn-out.
  • Lyte Technology specializes in marketing and distributing custom, high-end computer systems off-the-shelf with advanced graphic processing units for gaming, streaming, and cryptocurrency mining.
  • The acquisition will help efficiently bridge the gap between external data on the existing web and blockchain-based applications on mobile, Phunware CEO Alan S. Knitowski said.
  • The acquisition is likely to close within the next 30 to 45 days.
  • Currently located in Illinois, Lyte Technology employs over 25 people. Lyte Technology's operations will relocate to Austin, Texas, upon closing of the deal.
  • Phunware held $2.8 million in cash and equivalents as of June 30.
  • Price Action: PHUN shares traded lower by 0.79% at $1.0318 on the last check Monday.
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