Kore Wireless Group Inc., a provider of Internet of Things services and worldwide Connectivity-as-a-Service, and Cerberus Telecom Acquisition Corp., a special purpose acquisition company affiliated with Cerberus Capital Management LP, have entered into a definitive merger agreement. The combined company expects to be listed on the New York Stock Exchange under the ticker symbol “KORE”.
“Today’s announcement is a significant step forward for Kore and a testament to our market-leading IoT Solutions and CaaS business,” said Romil Bahl, president and CEO of Kore. “Over the past several years, we have been expanding Kore’s capabilities to help our customers extend their digital transformations to the edge, which is the very promise of IoT. As the 5G revolution accelerates globally, we believe we are well-positioned to be a critical enabler in helping enterprises transform their businesses with the power of IoT solutions.”
Tim Donahue, CEO of CTAC, commented, “This is a rare opportunity to partner with a proven business supported by a strong and diversified customer base. Kore is playing a critical role in the rapidly growing IoT market with meaningful organic and inorganic opportunities. We look forward to working closely with Romil and his talented team to provide strategic and operational counsel, as well as industry relationships, as Kore capitalizes on the global expansion of 5G.”