COMSovereign Holding Corp., a U.S.-based developer of 4G LTE Advanced and 5G communication systems and solutions, announced an agreement to sell its Israel-based, Sky Sapience (“SKS”) tethered drone unit to Titan Innovations (“Titan”) for total cash consideration of $1.8 million.
Titan Innovations, based in Israel, is a developer of specialized, fully integrated unmanned systems and solutions designed for civilian and military applications. Titan provides its customers with comprehensive systems engineering and integration services including software and control expertise in the field of robotics, autonomy, navigation, and communication with hardware sourced from leading global manufacturers. Under terms of the transaction, Titan will acquire Sky Sapience which includes all business assets and intellectual property.
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“We are pleased to have reached an agreement for the sale of SKS as we continue to refocus the business around our core wireless connectivity technologies and solutions. In addition to refining our focus on wireless connectivity, this transaction aligns with the goals of our transition plan by reducing the complexity of the Company, decreasing our go-forward operating expenses, and improves our balance sheet,” said David Knight, CEO and President of COMSovereign Holding Corp.
Yahav Regev, CEO of Titan Innovations added, “Sky Sapience’s proprietary fiber optic tether technology makes it an ideal platform for military, borders, and civilian applications, The company will expand the variety of companies and the capabilities of the group in the international market. Combined with our deep expertise in advanced hardware and software technologies inside our ecosystem, we believe that the SKS platform will enable us to remain at the forefront of autonomous systems development for our customers, enabling them to meet their unique mission requirements.”
COMSovereign Holding Corp. (Nasdaq: COMS) has assembled a portfolio of communications technology companies that enhance connectivity across the entire data transmission spectrum. Through strategic acquisitions and organic research and development efforts, COMSovereign has become a U.S.-based communications provider able to provide 4G LTE Advanced and 5G telecom solutions to network operators and enterprises.
SOURCE: PR Newswire