Security News > 2021 > January > Airgain acquires NimbeLink to expand penetration of IIoT and M2M markets

The addition of NimbeLink's embedded modem products and asset tracking solutions is key to Airgain's ongoing strategy to expand its penetration of the multi-billion-dollar Industrial IoT and M2M markets.

Opportunities to improve NimbeLink product performance through Airgain Antenna System enhancements.

"We are proud to welcome NimbeLink to the Airgain team and look forward to strengthening our enterprise offering with proven edge-based cellular connectivity solutions for Industrial IoT and M2M applications," said Jacob Suen, Airgain's President and Chief Executive Officer.

"Scott Schwalbe, NimbeLink's Co-Founder and Chief Executive Officer, commented:"We are very excited about what the combined strength of Airgain and NimbeLink will bring to our cellular connectivity and asset tracking customers.

Under the terms of the transaction agreement, Airgain acquired all of the outstanding capital stock of NimbeLink for an upfront cash purchase price of approximately $15 million, subject to working capital and other customary adjustments, and NimbeLink's former equityholders have the potential to earn up to an additional $8 million in cash based on achievement of certain revenue targets for fiscal year 2021.

On a pro forma basis, taking into effect the NimbeLink acquisition, as of January 7, 2021, Airgain expects to have approximately $23.0 million of cash and cash equivalents and no debt.

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