- On February 7, Spectrum Global Solutions announced its entry into a definitive agreement of merger with WaveTech Global Inc.
- Upon completion of the merger, WaveTech will become the majority-controlling shareholder of Spectrum Global Solutions
- Representatives of the two companies announced that the merger will provide unique growth opportunities and tremendous value for shareholders
Spectrum Global Solutions Inc. (OTCQB: SGSI), a multi-national single-source provider of next-generation communications network professional services and software solutions to telecommunications and enterprise markets, recently announced its entry into a definitive agreement of merger with WaveTech Global Inc. Upon completion of the merger and acquisition, the consolidated merged entity will have an enterprise value of $130 million, according to a company press release issued on February 7 (http://ibn.fm/RbYGj).
WaveTech Global is a next-generation technology platform that specializes in the provision of mobile network microservices, critical power management, asset lifecycle extension, data analytics and intellectual property development, among other offerings.
The merger will be completed through a sale and exchange of shares and cash. Upon finalization of the transaction, WaveTech will become the majority-controlling shareholder of Spectrum Global Solutions.
According to the official announcement, Spectrum will rebrand itself under the WaveTech Global name. The company’s current leadership team will remain operational in the interim. Spectrum’s board is anticipated to expand and include three new members from WaveTech. Spectrum intends to file for a name change to WaveTech Global. It will also submit an application for uplisting to a Nasdaq exchange under the ticker ‘WAVE’.
“We believe the combination with WaveTech presents a unique growth opportunity for the Company and provides tremendous value for our shareholders,” Spectrum Global Solutions CEO Roger Ponder said in a news release.
“We are excited to join forces with Roger and his team to enable WaveTech and Spectrum to leap forward together. WaveTech is excited to harness the scale and expertise that Spectrum has developed, offering true synergy for Spectrum stakeholders and new WaveTech stakeholders alike. The opportunity ahead of us is massive, and together the new WaveTech team has dramatically improved its sustainable competitive advantage,” WaveTech’s Michael Kotlarz added.
WaveTech’s platform of products features a number of highlights. The company’s Power-Control network architecture is patent pending. It has AI capabilities for the creation of an automated intelligent network from a customer’s power storage and generation assets. The aim of the network is to complete a wide range of customer-specific goals. WaveTech is also known for its patented approach to crystal control, which can dramatically reduce the need for backup energy capital expenditure and the linked costs for environmental control and maintenance to protect critical energy assets.
Spectrum Global Solutions is a leading single-source provider of end-to-end, next generation wireless and wireline network infrastructure. The company offers professional solutions to the service provider and corporate enterprise markets across the U.S., Canada, Guam, Puerto Rico and the Caribbean region.
The company provides services directly to carriers, aggregators, project management organizations, utilities, original equipment manufacturers (“OEMS”) and others. It operates through various subsidiaries, including AW Solutions, TNS Inc., ADEX Corp and Tropical Communications Inc.
Currently, the company lists approximately 200 clients that range from multinational telecommunications giants AT&T and Verizon to infrastructure aggregators like ExteNet and Crown Castle.
For more information, visit the company’s website at www.SpectrumGlobalSolutions.com