Affluence Corporation Strengthens IoT Product Portfolio With The Acquisition of SiteWhere, LLC

Rhea-AI Summary

Affluence Corporation (OTC PINK:AFFU), a diversified technology firm, announced a Letter of Intent to acquire SiteWhere, LLC, enhancing its IoT and 5G capabilities.

CEO James E. Honan highlighted the acquisition's strategic value and potential new revenue streams, with SiteWhere's SaaS business model poised to increase market opportunities. SiteWhere's flagship product, Enterprise Orchestrator, will be integrated into Affluence’s product development, aiming for innovative smart solutions that align with evolving IoT trends.

Positive

• Acquisition of SiteWhere enhances Affluence's IoT and 5G strategy.
• SiteWhere's SaaS model is expected to create new revenue streams.
• Integration of SiteWhere's Enterprise Orchestrator will strengthen product development.

Negative

• None.

OAK BROOK, IL / ACCESSWIRE / January 13, 2022 / Affluence Corporation (OTC PINK:AFFU), a diversified technology company focusing on innovative Smart Cities, IoT and 5G enhancing technologies announced today that the company has signed a "Letter of Intent" to acquire SiteWhere, LLC, a leading edge software product company focused on the IoT space. This acquisition enhances Affluence's commitment to building a world class IoT and 5G company.

"The acquisition of SiteWhere brings tremendous strategic and operational value as well as new revenue streams for our company and shareholders," said James E. Honan, Jr., Affluence's Global CEO. SiteWhere will enable us to continue to build upon our strategy of developing a strong portfolio of products and value-added services in the IoT space that are aligned with business opportunities arising due to increasing adoption of IoT solutions in global markets. In addition to SiteWhere's SaaS business model and the tremendous revenue potential that SiteWhere brings we will use SiteWhere's Enterprise Orchestrator product in the delivery and fulfillment of value added services projects going forward. Operationally, SiteWhere Enterprise Orchestrator is one of the best Application Enablement Platforms on the market and our software development organization will be utilizing it in all future versions of our products as well as developing new best of breed smart products that combine all of the smart product and IoT solutions in the Affluence product stack," said Honan.

"The SiteWhere team is extremely excited to be a part of such a dynamic organization that shares our vision of the future for IoT and 5G technology", said Derek Adams, Founder of SiteWhere. "With SiteWhere you can rapidly build, deploy and manage next generation smart solutions which is a natural fit for Affluence's IoT product portfolio, value added services delivery and future software development efforts. There are few Application Enablement Platforms on the market today that have the development ease and sophistication as well as the operational sophistication combined with a very affordable total cost of ownership," said Adams.

About Affluence Corporation

Affluence Corporation (AFFU.PK) is a diversified technology company focused on edge computing and innovative cloud solutions that capitalize on IoT, AI and 5G technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet.

About SiteWhere LLC

SiteWhere is an Internet of Things (IoT) Application Enablement Platform software development company. Enterprise Orchestrator 3.0, the SiteWhere flagship product has been used by development organizations since 2020 enabling the rapid development of IoT and Smart Software solutions.

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.

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

SOURCE: Affluence Corporation

View source version on accesswire.com:
https://www.accesswire.com/683356/Affluence-Corporation-Strengthens-IoT-Product-Portfolio-With-The-Acquisition-of-SiteWhere-LLC

FAQ

What is the purpose of Affluence Corporation's acquisition of SiteWhere?

The acquisition aims to enhance Affluence's IoT and 5G capabilities and create new revenue streams.

When was the acquisition of SiteWhere announced?

The acquisition was announced on January 13, 2022.

What is SiteWhere's flagship product?

SiteWhere's flagship product is the Enterprise Orchestrator, used for rapid IoT solution development.

How will SiteWhere benefit Affluence Corporation?

SiteWhere will provide strategic operational value and enhance Affluence’s product portfolio in IoT.

What is the stock symbol of Affluence Corporation?

The stock symbol of Affluence Corporation is AFFU.