COMSovereign (COMS) to Acquire RVision, Inc.,
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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 has executed an agreement to acquire RVision, Inc. ("RVision"), a developer of technologically advanced, environmentally hardened video and communications products and physical security solutions designed for government and private sector commercial industries.
Terms of the transaction include total consideration of approximately $5.58 million consisting exclusively of shares of restricted common stock. The transaction is expected to close within approximately 15 days subject to traditional closing conditions.
- RVision has been serving the needs of governments and the military for nearly two decades with sophisticated, environmentally rugged optical and infrared cameras, hardened processors, custom tactical video hardware, software solutions, and related communications technologies.
- RVision also brings Nano-Defractive Optics with integrated, Ai-driven electro-optical sensors and communication network connectivity making it the ideal backbone for smart city/smart campus applications.
- RVision currently serves government and military customers in the U.S. and around the globe through multi-year contracts.
Smart Cities and Smart Campuses (educational and industrial) are urban areas designed to integrate advanced technologies including IoT ("Internet of Things"), AI ("Artificial Intelligence"), machine learning, Big Data, and sustainable or "green" energy systems to benefit and secure the daily lives of its residents. Around the world today, these technologies are being deployed to efficiently improve public services and safety through enhancements to everything from mass transportation and waste management to the real-time monitoring of environmental conditions including air and water quality. Critical to smart city initiatives is the ability to create and deploy energy-efficient, fully integrated, network-connected solutions such as smart cameras and sensor systems.
"RVision, under the leadership of its founder, Brian Kelly, has built a global network of premier customers across government and public sectors including the U.S. and foreign allied militaries, thanks to their focus on technical innovation in the areas of electro-optical sensors which can immediately benefit our aerial platform business. Furthermore, its unique products, combined with our advanced access and backhaul radio technologies, can play a vital role in bringing the vision of 5G-enabled Smart Cities and Campuses to reality," said Dr. Dustin McIntire, CTO of COMSovereign.
RVision CEO Brian Kelly will remain in the leadership role at the company while also assuming the elected role of Executive Vice President of Business Development for COMSovereign. Mr. Kelly stated, "I am excited to become a part of COMSovereign, a company that has built an extremely robust product and technology portfolio and is led by a visionary team of professionals who all share a passion and vision for the future of communications."
Dr. McIntire concluded, "Over his successful career of twenty-four years, Brian Kelly has been a visionary himself and a noted subject matter expert in the surveillance and physical security sector. He has led his team to meet sophisticated, physical security requirements for governmental and commercial customers while developing innovative imaging systems to solve some of the most challenging issues faced by the US Departments of Defense and Homeland Security, and foreign allied country Ministries of Defense."
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter.
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