COMSovereign (COMS) Announces Acquisition of Innovation Digital, LLC
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COMSovereign Holding Corp. (NASDAQ: COMS) ("COMSovereign" or "Company"), a U.S.-based developer of 4G LTE Advanced and 5G Communication Systems and Solutions, today announced that it is acquiring Innovation Digital, LLC ("Innovation Digital"), a premier developer of "beyond state-of-the-art" mixed analog/digital signal processing solutions, intellectual property (IP) licensing, design and consulting services.
Innovation Digital's signal processing techniques and IP have significantly enhanced the bandwidth and accuracy of RF transceiver systems and have provided enabling technologies in the fields of communications and RADAR systems, signals intelligence (SIGINT) and electronic warfare (EW), test and measurement systems, and semiconductor devices.
Terms of the transaction include total consideration of $8 million consisting of $1.6 million in cash and convertible debt and $6.4 million worth of shares of restricted common stock. The transaction is expected to close within approximately 10 days subject to traditional closing conditions. Following the close of the transaction, Dr. Scott Velasquez will assume the role of Chief Research Officer for COMSovereign including the oversight and management of the Lextrum, VEO and Innovation Digital business units.
- The firm provides intellectual property licensing, design and consulting services supporting the implementation of advanced digital system technologies and services for extremely high-performance communications, RADAR, and integrated component applications. Clients include multiple U.S. defense contractors such as General Dynamics, Raytheon, L3Harris and various U.S Department of Defense agencies including The Naval Surface Warfare Center, the Missile Defense Agency, the Air Force Research Laboratory and DARPA.
- The accretive acquisition of Innovative Digital is expected to contribute approximately $3 million in net revenue from licensing this year from committed customers.
- Innovation Digital holds 21 issued and several pending United States Patents. As part of COMSovereign, its valuable IP and expertise will further advance the performance capabilities of the Company's entire range of next-gen radio products that will set a new standard for throughput and efficiency.
- Innovation Digital was founded by Dr. Scott Velazquez, who holds four degrees from MIT including a Ph.D. in Electrical Engineering. Scott is considered the pioneer, and still one of the foremost experts in mixed analog/digital signal processing technology.
"Innovation Digital's engineers are among the top experts in signal efficiency and waveform engineering and aligns with our strategy of building and maintaining our technological leadership and capabilities through either organic means or via acquisition. Their addition to our team will accelerate the integration of both Lextrum's In-Band-Full-Duplex and the licensed Transpositional Modulation technologies into our next generation 'Polaris' 5G radio products, resulting in dramatic improvements in product performance and expanding our unique features and capabilities," said Dr. Dustin McIntire, CTO of COMSovereign.
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter.
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