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Laird Connectivity has partnered with KORE to provide a comprehensive portfolio of wireless IoT sensors, gateways, and services. This collaboration aims to simplify the deployment of IoT solutions, enhancing connectivity in remote areas. As demand for IoT devices grows significantly, the partnership is expected to accelerate time-to-market for clients and optimize ROI. With nearly two decades of IoT experience, KORE will assist Laird Connectivity in meeting diverse customer needs.
KORE, a leader in IoT solutions, announced a $120 million backstop facility with Fortress Credit Corp to ensure sufficient liquidity during its merger with Cerberus Telecom Acquisition Corporation (CTAC). This agreement allows KORE to borrow if necessary to meet minimum cash conditions at closing, with notes convertible to common stock at set prices. KORE aims to finalize the merger by Q3 2021, reinforcing its position in the IoT market and building on a solid foundation of 3,600 customers and extensive carrier integrations.
KORE, a global leader in IoT solutions, has announced its participation in several investor conferences throughout August 2021. Notable events include the Oppenheimer 24th Annual Technology, Internet & Communications Conference, KeyBanc Technology Leadership Forum, and Canaccord Genuity 41st Annual Growth Conference, with KORE's President and CEO Romil Bahl speaking at each. Management will engage in one-on-one meetings with investors during these events. Interested parties can access live presentations via KORE's investor relations site.
KORE has announced that its ConnectivityPro product received the 2021 IoT Evolution Product of the Year Award, honoring excellence in IoT solutions. The award highlights KORE's commitment to simplifying IoT deployments through innovative technology. ConnectivityPro is distinguished by its single platform for managing global IoT connectivity needs, designed for ease of use with a robust feature set, including diagnostics, real-time monitoring, and automated management. This recognition reflects KORE's dedication to addressing complexity in IoT solutions.
KORE, a leader in IoT solutions, reported exceptional financial results for Q1 2021. Total revenue surged 11% year-over-year to $55.3 million, a record for the first quarter. Connected Health revenue soared 25% to $20 million. IoT Connectivity revenue rose 6% to $40.7 million, while IoT Solutions climbed 26% to $14.6 million. Adjusted EBITDA improved by 20% to $16.4 million. The customer connections reached 12.9 million, up from 10 million a year prior, showcasing strong market positioning for FY 2021.
KORE is showcasing its IoT connectivity solutions at Mobile World Congress, highlighting their collaboration with Swoop Aero, which uses drone technology for delivering medical supplies in remote areas. This initiative supports health ministries in countries like Malawi and the Democratic Republic of Congo, enabling transport of critical medical commodities. KORE's technology provides reliable communication and operational efficiency for drone logistics, addressing the challenges of healthcare access during the pandemic. Presentations include a private session with Spain's King and a public showcase on June 29.
KORE and Koch Strategic Platforms have announced a partnership to explore innovative IoT use cases. This collaboration aims to address societal issues through advanced IoT technology, focusing on health and safety in public spaces, enhancing sustainability in manufacturing, and improving supply chain efficiency. KORE's CEO, Romil Bahl, emphasized the synergy between the two firms in accelerating real-world IoT adoption. Koch's managing director, Adam DeWolf, expressed excitement about potential connectivity solutions. This engagement signals a strategic move to leverage IoT's transformative capabilities.
KORE has partnered with Cradlepoint to launch a 5G-ready business continuity solution called the KORE Business Connect. This bundle aims to mitigate network outages that jeopardize productivity and profitability, offering seamless connectivity through Cradlepoint’s NetCloud platform and KORE’s ConnectivityPro. KORE emphasizes the crucial need for wireless failover to maintain revenue flow and customer satisfaction. The solution includes an enterprise-grade router, a flexible data plan, and static IP capabilities, designed for comprehensive network management.
KORE, a leader in IoT Solutions, reported preliminary Q1 2021 revenue of $55.3 million, reflecting strong year-over-year growth. The company emphasizes the benefits of a unified provider in IoT deployment, with significant momentum from a major new order from its largest customer. KORE's Critical Asset Monitoring solution launched on AWS Marketplace, aiming to address global supply chain challenges. Additionally, KORE was recognized by Gartner as a leader in Managed IoT Connectivity Services for the second consecutive year.
KORE, a leader in Internet of Things (IoT) solutions, will participate in the Cowen 49th Annual Technology, Media & Telecom Conference on June 3, 2021, at 9:10 a.m. Eastern time. The session will feature a fireside chat with Romil Bahl, President and CEO, and include one-on-one meetings. Interested parties can access the webcast here. Additionally, KORE held a virtual investor webinar on May 19, 2021, featuring executives discussing company performance.
