Carl Data Solutions has acquired Infocube Technology Ltd to accelerate a push into smart city technology services and Industrial Internet of Things (IIoT) consulting opportunities.
This is M&A deal number 178 that ChannelE2E has covered so far in 2020. The pace of deals has slowed a bit since the coronavirus pandemic emerged, but overall M&A activity remains reasonable steady. See the complete M&A deal list here.
Infocube provides enterprise cloud computing, Internet of Things (IoT), geographic imaging and modeling, and network technologies. The acquisition includes all current hardware and software technology contracts along with any projects under negotiation, the buyer said.
Carl Data Acquires Infocube: More Business Background
Infocube’s fiscal 2018 gross revenue as US$2.86 million, including $1.1 million in annual recurring revenue for the period. The seller's key partnerships include HGC Global and EnvoyVC Cloud Group.
Carl Data and Infocube will achieve synergies in at least two key markets: Industrial Internet of Things (IIoT) and smart city services. Additionally, Infocube's China-based partners can supply many of the devices needed for Carl Data's ongoing IT projects.
Both firms are headquartered in Vancouver, British Columbia, Canada. Infocube has additional offices in the United States and Hong Kong, while Carl’s additional operations are in Seattle and Poland.
Carl Data Acquires Infocube: Executives Perspectives
Greg Johnston, president & CEO of Carl Data Solutions Inc., commented:
"This is an exciting opportunity for Carl to extend its products and services to Infocube's mainly Asian clients with the help of its CEO, Jacky Zhang and the company's proactive investors. In turn, Carl can provide strong support in promoting Infocube's products and services to assist Carl's mainly North American customers with more comprehensive solutions. Carl is focused on expanding into Asia to participate in the numerous infrastructure development projects that are integrating smart devices and advanced analytics consistent with today's data driven economy."
Jacky Zhang , president & CEO of Infocube Technology Ltd, said:
"We see strong expansion for our company in the areas of Smart Cities and Smart City technology. Partnering with Carl is an excellent opportunity for Infocube to rapidly expand the business in this area.”
