Borqs Technologies Sells Core Businesses to Sasken Technologies: A New Chapter Begins
In an exciting turn of events, Borqs Technologies, Inc., a leading innovator in the Internet of Things (IoT) industry, has recently announced the completion of the sale of its core businesses to Sasken Technologies, Ltd.
The Sale: A Closer Look
The sale, valued at US$40 million, encompassed all of Borqs’ embedded software design and customized hardware manufacturing activities related to IoT. A portion of the sale price will be set aside for employee payments, tax withholding, and earnout arrangements, which are performance-based payments linked to Sasken’s achievements in the year 2025.
What Does This Mean for Borqs Employees and Shareholders?
For Borqs employees, this sale brings about a new chapter in their professional lives as they join Sasken Technologies. They will continue to contribute their expertise to the IoT industry, but under the umbrella of a larger, global organization. As for Borqs shareholders, the sale represents an opportunity for potential gains through the earnout arrangement.
The Ripple Effect: How the World Stands to Benefit
Beyond Borqs and its employees, this sale has the potential to significantly impact the IoT industry as a whole. Sasken Technologies, with its extensive experience in product engineering and digital transformation services, is poised to drive innovation and growth in the sector. Borqs’ expertise in IoT hardware and software design will be a valuable addition to Sasken’s capabilities, opening up new opportunities for collaboration with other industry leaders and fostering advancements in IoT technology.
A Look into the Future
The sale of Borqs Technologies’ core businesses to Sasken Technologies marks an important milestone in the IoT industry. With the combined expertise and resources of these two companies, we can expect groundbreaking developments and advancements in IoT technology. As consumers and businesses continue to embrace the Internet of Things, this partnership promises to deliver solutions that will redefine connectivity, convenience, and efficiency.
- Borqs Technologies sells core businesses to Sasken Technologies for US$40 million
- Sale includes all IoT-related embedded software design and hardware manufacturing activities
- Employee payments, tax withholding, and earnout arrangements account for a portion of the sale price
- Employees join Sasken Technologies, bringing valuable IoT expertise to the organization
- Sasken Technologies poised to drive innovation and growth in the IoT industry
In conclusion, the sale of Borqs Technologies’ core businesses to Sasken Technologies signifies a new chapter in the IoT industry. With the combined expertise and resources of these two companies, we can expect groundbreaking developments and advancements in IoT technology. The ripple effect of this sale extends far beyond Borqs and its employees, offering opportunities for collaboration, innovation, and growth in the IoT sector. As we move forward, the future of IoT looks brighter than ever.
