Gorilla Technology Group Wraps up Successful 2022 by Entering MENA Region with Security Convergence Offering in Multi-Year, Multi-Million Dollar Deal
Gorilla Technology Group (NASDAQ: GRRR) has achieved its first customer win in the Middle East as part of its globalization strategy. A government agency in the region intends to engage Gorilla for an extensive cybersecurity solution for developing Smart Cities. This contract, expected to be executed in H1 2023, could significantly contribute to Gorilla's 2023 revenue forecasts. The company's recent efforts include a Nasdaq listing and leadership restructuring aimed at expanding their global footprint in AI-based cybersecurity and video analytics.
- First customer acquisition in the Middle East, enhancing global expansion strategy.
- Expected contract for a cybersecurity solution potentially boosting 2023 revenue.
- Listing on Nasdaq via merger indicates increased market presence and investor interest.
- Strengthened executive team to drive future growth.
- None.
First win in region affirms globalization strategy, initially targeting Europe, the Middle East and North Africa as company accelerates global expansion efforts
TAIPEI, Taiwan and NEW YORK, Dec. 27, 2022 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ: GRRR), a global provider of AI based edge video analytics, IoT technologies, and cybersecurity, today announced that a government agency of a Middle Eastern country developing Smart Cities has communicated its intent to engage Gorilla to implement an expansive cybersecurity solution for one or more cities under development. Gorilla is negotiating final details, and expects to execute a contract and begin implementation in the first half of 2023. The anticipated project is a strong addition to the Company’s 2023 revenue forecast.
This deal represents Gorilla’s first customer win in a new market as part of its recently launched globalization strategy targeting Europe, the Middle East and North Africa. The deal advances Gorilla’s strategy to become a global leader in AI based cybersecurity and video analytics while expanding their geographical footprint embracing the MENA region.
“This opportunity moves Gorilla up the value chain in the cybersecurity market to become one of the leading global providers of advanced AI-based cybersecurity solutions & analytics. We see increasing global demand in cybersecurity and surveillance with government infrastructure spending and smart city growth. In terms of on-going business growth in the MENA region, we plan to aggressively pursue opportunities to develop safe cities on the foundation of our security convergence portfolio. Our globalization effort is taking flight with this strategically important entry in the market,” said Jay Chandan, Chairman and CEO of Gorilla. “We have made tremendous strides in 2022 in our globalization strategy and are excited by our momentum as we head into the new year with strong pipeline for 2023.”
Other 2022 highlights for Gorilla include:
- Becoming a publicly listed company on Nasdaq via a merger with Global SPAC Partners in July
- Appointing Executive Chairman Jay Chandan to CEO, following the retirement of founder Dr. Spincer Koh, to lead the company during its next phase of growth
- Advancing its strategy to become a global leader in advanced AI video analytics and security convergence solutions through planned acquisitions of complementary technologies.
- Strengthening its executive leadership with the appointments of Daphne Huang as Chief Financial Officer, Dr. Rajesh Natarajan as Chief Innovation Officer, Hee-Won Choi as Global Head of HR and industry veteran Max Lin as General Manager, Taiwan.
About Gorilla Technology Group Inc.
Gorilla, headquartered in Taipei, Taiwan, is a global solution provider in security intelligence, network intelligence, business intelligence and IoT technology. Gorilla develops a wide range of solutions including Smart Cities, Smart Retail, Enterprise Security, and Smart Media. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, telecom companies and private enterprises with network surveillance and cyber security.
Gorilla places an emphasis on offering leading technology, expert service, and precise delivery, and ensuring top-of-the-line, intelligent and strong edge AI solutions that enable clients to improve operational performance and efficiency. With continuous core technology development, Gorilla will deliver edge AI solutions to managed service providers, distributors, system integrators, and hardware manufacturers.
No Offering of Securities
This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements, which are based on estimates, assumptions, and expectations. Actual results and performance could differ materially and adversely from those expressed or implied in forward-looking statements. Gorilla does not undertake any obligation to update any forward-looking statements, except as required by law.
Contact:
Jeff Fox
The Blueshirt Group for Gorilla
415-828-8298
jeff@blueshirtgroup.com
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