ATLANTA, Oct. 1, 2021 /PRNewswire/ -- KORE Group
Holdings, Inc., (NYSE: KORE,
KORE WS) ("KORE" or the "Company"), a global leader in Internet of
Things (IoT) solutions and worldwide IoT Connectivity-as-a-Service
(CaaS) announced that it will begin trading on the New York Stock
Exchange today after completing the previously announced business
combination between KORE Wireless Group, Inc. ("KORE Wireless") and
Cerberus Telecom Acquisition Corp. (NYSE: CTAC.U, CTAC, CTAC WS)
("CTAC").
"I am thrilled to celebrate this milestone on the KORE journey."
KORE President and CEO Romil
Bahl
CTAC shareholders approved the transaction at a special meeting
held on Sept. 29, 2021. Over 70
percent of CTAC ordinary shares, represented in person or by proxy
at the CTAC special meeting, voted in favor of the business
combination. The merger between CTAC and KORE was subsequently
consummated on Sept. 30, 2021.
Founded nearly two decades ago, KORE has long been recognized as
a pioneer and growth catalyst for the IoT industry. The Company
enjoys a leadership position in the global IoT marketplace, which
is expected to grow from 12 billion IoT devices at the end of 2020
to 75 billion devices by 2030.
"I am thrilled to celebrate this milestone on the KORE journey
and reflect on how far we have come since we launched our
transformation almost three years ago," said KORE President and CEO
Romil Bahl. "From the
beginning of my tenure here, I have personally believed that
becoming a public company was an important next step in the
evolution of this great company and team – a step that will allow
us to continue our goal of leading the industry as we enter the
'decade of IoT.' The natural attributes of our business, including the growth potential
given the massive market tailwinds over the next decade, our
revenue visibility, and recurring revenue, make for excellent
public-company characteristics."
Capital raised through the PIPE investment and CTAC initial
public offering is being allocated to position KORE for future
growth – from paying down debt and debt-like preferred equity, to
placing cash on the balance sheet for mergers and acquisitions as
well as future organic growth. Of note, former shareholders of KORE
prior to the CTAC merger have rolled 100 percent of their common
equity interests into the common stock of KORE Wireless, and
several of the former preferred equity holders of KORE Wireless
have elected to roll some of their proceeds into KORE common
stock. Bahl said, "Going public
gives us the opportunity to unleash shareholder value creation,
including inorganic growth through accretive tuck-in acquisitions
that add to the Company's capabilities."
Members of the KORE leadership team include public company
executives with a track record of vision, strategy, leadership and
execution. The Company's well-established base of 3,600 customers
worldwide, and its innovative IP and technology stack, provide a
strong moat around its business. Additionally, its strong
relationships with telecom carriers and other connectivity bearers
globally give the Company's IoT customers enhanced flexibility,
reliability, and choice.
Tim Donahue, former Executive
Chairman of Sprint Nextel and former CEO of CTAC, has become the
Chairman of the KORE Board of Directors. "This is an incredible
opportunity to participate in a publicly-listed, pure-play IoT
company with significant runway," Donahue said. "We have full
confidence in the KORE management team's ability to execute on
their strategy to drive growth and sustained returns."
KORE IoT technologies provide meaningful services to society and
the planet. For example, the Company recently teamed with
Australian-based SwoopAero to enable drones to deliver COVID-19
vaccines and other critical medical supplies to people in rural
locales, such as Malawi,
Democratic Republic of Congo, and
the Shetland Islands of Scotland.
Car Charged UK Ltd. recently selected KORE to help it provide eight
million U.K. electric car owners without off-street parking access
to more charging points nearer their homes.
About KORE
KORE is a pioneer, leader, and trusted
advisor delivering mission-critical IoT solutions and services. We
empower organizations of all sizes to improve operational and
business results by simplifying the complexity of IoT. Our deep IoT
knowledge and experience, global reach, purpose-built solutions,
and deployment agility accelerate and materially impact our
customers' business outcomes. For more information, visit
www.korewireless.com.
About CTAC
Prior to its merger with KORE, CTAC was a
blank check company formed by an affiliate of Cerberus Capital
Management, L.P. ("Cerberus"). CTAC was formerly led by CEO
Tim Donahue, former Executive
Chairman of Sprint Nextel and former CEO of Nextel Communications
and was proud to have had the support of a distinguished advisory
board comprised of senior executives and business leaders from the
information and communications technology sector. For more
information, visit www.cerberusacquisition.com.
About Cerberus
Founded in 1992, Cerberus is a global
leader in alternative investing with approximately $55 billion in assets across complementary
credit, private equity, and real estate strategies. Cerberus
invests across the capital structure where its integrated
investment platforms and proprietary operating capabilities create
an edge to improve performance and drive long-term value. Cerberus'
tenured teams have experience working collaboratively across asset
classes, sectors, and geographies to seek strong risk-adjusted
returns for its investors. Cerberus has a dedicated focus on
next-generation technologies and telecommunication solutions. Its
team of technologists and network of advisors collaborate across
its investment and operating platforms to identify opportunities
and manage investments in critical IoT, edge computing, artificial
intelligence, private wireless networks, network equipment,
autonomy, aerospace, and ecosystem development. For more
information about our people and platforms, visit Cerberus at
www.cerberus.com.
Contacts
KORE
Media and Investors
Jean
Creech Avent
Vice President, Investor Relations and Public Relations
jcreechavent@korewireless.com
+1 843-986-8229
Investors
Matt Glover
and Alex Thompson
Gateway Group, Inc.
KORE@gatewayir.com
+1 949-574-3860
Cerberus Telecom Acquisition Corp.
Media
media@cerberusacquisition.com
Investors
info@cerberusacquisition.com
FORWARD LOOKING STATEMENTS
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding estimates and
forecasts of revenue and other financial and performance metrics
and projections of market opportunity and expectations. These
statements are based on various assumptions and on the current
expectations of CTAC or KORE's management. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as and must not be relied on by any investor or
other person as, a guarantee, an assurance, a prediction, or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of CTAC and/or KORE. These forward-looking
statements are subject to a number of risks and uncertainties,
including general economic, financial, legal, political, and
business conditions and changes in domestic and foreign markets;
the potential effects of COVID-19; risks related to the rollout of
KORE's business and the timing of expected business milestones;
changes in the assumptions underlying KORE's expectations regarding
its future business; the effects of competition on KORE's future
business; and the outcome of judicial proceedings to which KORE is,
or may become a party. If the risks materialize or assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that KORE presently does not know or that KORE
currently believes are immaterial that could also cause actual
results to differ materially from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect KORE's expectations, plans or forecasts of future events
and views as of the date of this press release. KORE and CTAC
anticipate that subsequent events and developments will cause these
assessments to change. However, while KORE and/or CTAC may elect to
update these forward-looking statements at some point in the
future, each of KORE and CTAC specifically disclaims any obligation
to do so. These forward-looking statements should not be relied
upon as representing KORE's assessments as of any date subsequent
to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
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SOURCE KORE Wireless