COMSovereign Holding Corp. Extends 4G LTE/5G Networking Solution Portfolio with Closing of Virtual Network Communications, Inc. Acquisition
DALLAS, July 7, 2020 /PRNewswire/ -- COMSovereign Holding Corp. (OTCQB: COMS) ("COMSovereign" or the "Company"), a U.S.-based pure-play developer of 5G connectivity and data transmission systems, announced today that it has completed the acquisition of Virtual Network Communications, Inc. ("VNC"), a developer of fixed and mobile broadband communications solutions for public and private wireless networks operated by commercial, enterprise, government and defense customers.
Terms of the transaction include total consideration of approximately $19 million consisting of $3 million in cash - provided primarily by management members - and the issuance of common stock. The closing of this latest acquisition significantly expands COMSovereign's IP and product portfolio to include telecom network access systems including both 4G LTE/Advanced and 5G capable radio equipment. Additionally, VNC has virtualized and patented an entire LTE Advanced network core solution that has the potential to dramatically reduce the costs of traditional telecom network backbone equipment. VNC has also developed and is currently selling a rapidly deployable LTE network system that is both man-portable and can be combined with the tethered aerostats and drone systems produced by COMSovereign's Drone Aviation subsidiary to provide telecom network access in nearly any location in minimum time.
Chairman and CEO of COMSovereign Holding Corp., Dan Hodges, stated, "Supported by the direct investment of our senior management team, we have completed the acquisition of VNC. VNC's proprietary virtualized core technology significantly advances our ability to provide network operators with a complete range of wireless technologies from the network edge to backhaul. This enables operators to quickly accelerate their strategic 4G LTE and 5G network modernization and upgrade programs. We look forward to working with the talented team at VNC to capitalize on the many synergies we see between our technologies and customers across commercial, government and military sectors."
"VNC was founded on the vision that today's radio networks would need to fundamentally change if they were to truly address the realities of the modern, data-driven world. Whether it's access of devices for the Internet of Things or the proliferation of over-the-top streaming video services, yesterday's network architectures must evolve if they are to succeed in the future," said Mohan Tammisetti, founder & CEO of Virtual Network Communications, Inc. "We are excited to leverage the innovative technology and deep expertise of COMSovereign as we continue to work together with our growing list of customers to revolutionize the concept of the wireless radio network."
Virtual Network Communications produces deployable broadband communications equipment and services designed to support advanced wireless networks. Its systems can provide mission critical communications including instant deployable Micro LTE solutions suitable for rapid deployment of Tactical LTE networks, LTE small cell technology, Customer Premises Equipment (CPE) for fixed broadband LTE installations and advanced, low altitude/high altitude airborne LTE communications.
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SOURCE COMSovereign Holding Corp.
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