Affluence Corporation Announces Intent to Acquire Multiple IoT Technology and Integration Services Companies

Rhea-AI Summary

Affluence announces strategic acquisitions to strengthen OneMind Technologies and expand market reach by forming Digibriks. The acquisitions include three IoT technology companies to enhance software products, engineering, and implementation services, boosting revenue and technology integration. The move aims to provide an end-to-end solution, entry into new markets, and access to a larger partner ecosystem.

Strategic acquisitions strengthen OneMind Technologies and expand market reach.

OAK BROOK, IL / ACCESSWIRE / April 9, 2024 / Affluence Corporation, a leader in Smart City Software and Internet of Things (IoT) technology, today announced that it has reached an agreement to acquire three IoT technology companies and, along with OneMind Technologies, will form a new company named Digibriks. The proposed acquisition includes companies with complementary software products, engineering, integration, and implementation services capabilities. Affluence has executed Letters of Intent with all three companies, and upon completion, Digibriks will become a wholly owned subsidiary of Affluence, giving OneMind Technologies an end-to-end solution and entry into Telecom, Manufacturing as well as expanding its footprint into the Smart City markets. Affluence is under NDA with all three companies, and the acquired companies will be identified via press release upon completion of the definitive acquisition documents.

"This proposed acquisition is a continuation of our strategic plan to significantly grow Affluence in 2024. The proposed acquisition achieves multiple goals for Affluence," said James E Honan, Jr., CEO of Affluence Corporation. "First and foremost, this acquisition will add to top-line revenue as well as positive earnings and cash flow. In 2023, the combination of these three companies recorded approximately $5 million in revenue and over $1 million in EBITDA. Secondly, we will have an improved technology platform integrating Digibriks' connectivity solutions, IIOT platforms, and digital twin technologies with OneMind, giving Affluence a dominant product in multiple industries. Third, this acquisition will give access to a large installed base for the new OneMind product, greater access to a growing network of a world-class partner ecosystem, and a large reseller and distributor network. In addition, we will take advantage of the economies of scale with a more efficient operating cost structure for all four companies."

The proposed acquisition will strengthen OneMind Technologies' Hypervisor NG product and enable the product to manage devices and networks, connect to Industrial systems and standards, and streamline the operations and maintenance cycles of industrial projects. The merged solutions will also expand the company's integration capabilities beyond The Smart City space to develop new Telecom and Manufacturing opportunities.

Upon completion of the definitive acquisition documents, Affluence will identify the three merged companies in a formal press release. The first of the merged companies specializes in crafting valuable ecosystems through a combination of robust IoT software and networking solutions. The companies are experts in interconnected systems, solution development, and network optimization through a blend of cutting-edge software, integration capabilities, and consulting services. One company provides definitive expertise in project completion, specializing in adaptation design and installation of technology initiatives focusing on smart systems, specifically in the Mobility, Telecom, and Manufacturing sectors. Their unique approach combines deep technical expertise with a client-centric focus to transform complex technology into user-friendly solutions. The third company develops a suite of software products for intelligent IoT platforms. Their software suite includes intelligent device monitoring, intelligent operations centers, and, most importantly, cyber security operations centers. The integration of these technologies with OneMind will be unmatched in the marketplace. All three companies are generating revenue and are cash flow positive.

"Affluence is looking forward to working with all of the principals of the merged companies as we continue to build a world-class software and services organization," continued Honan. "We are excited for the opportunity to take OneMind into more lucrative markets while establishing a complementary partner ecosystem with an installed base to upgrade to Hypervisor NG. In addition, because of our new ability to offer engineering and integration services, we can take a larger piece of the opportunities we win, ensuring a streamlined customer experience."

"In addition, Affluence Corporation would like to provide an update on the acquisitions of Durham Black and Contrivian," said Honan. "All of the involved parties have mutually agreed to extend the due diligence period and extend the timeframe of the Letter of Intent agreements. We had successful and substantive meetings in Chicago last week with both companies, and we should have definitive merger documents for both companies within the next few weeks."

# # #

About Affluence Corporation Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city and industry software and innovative solutions that capitalize on IoT, AI, 5G and edge technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet. For more information go to https://affucorp.com.

About OneMind Technologies SL OneMind Technologies SL based in Barcelona Spain is a wholly owned subsidiary of Affluence Corporation. The OneMindNG intelligent IoT solution builder is used to create applications for smart city and smart industries operations. Functioning as systems of systems, OneMindNG platform connects data sources to one single point of insight to provide real-time information on operational processes. It is a key component in the Smart City and enterprise solutions currently being offered by several Fortune 50 companies that resell, distribute, and integrate smart city enterprise solutions. For more information go to https://www.onemindng.com.

# # #

For further information contact Affluence Corporation Investor Relations at 720-295-6409.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.

SOURCE: Affluence Corporation

View the original press release on accesswire.com

FAQ

What companies are being acquired by Affluence to form Digibriks?

Affluence is acquiring three IoT technology companies to form Digibriks.

What are the goals of the proposed acquisition for Affluence ?

The proposed acquisition aims to grow revenue, improve technology integration, access new markets, and achieve operational efficiencies.

How will the acquisition benefit OneMind Technologies?

The acquisition will strengthen OneMind Technologies' Hypervisor NG product, expand integration capabilities, and open new Telecom and Manufacturing opportunities.

What updates did Affluence provide regarding the acquisitions of Durham Black and Contrivian?

Affluence extended the due diligence period and the timeframe of the Letter of Intent agreements with Durham Black and Contrivian.

What sectors will OneMind Technologies expand into through the acquisition?

OneMind Technologies will expand into Telecom and Manufacturing sectors through the acquisition.