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KORE Group Holdings, Inc. (NYSE: KORE) is a trailblazer in the Internet of Things (IoT) industry, providing comprehensive IoT solutions and services that enable organizations to manage, deploy, and scale their IoT applications globally. Since its inception in 2003, KORE has emerged as the world’s largest managed network services provider focusing on IoT and machine-to-machine (M2M) communications.
KORE's offerings include a wide range of connectivity services, location-based services, device solutions, and managed services that cater to the diverse needs of the IoT market. By providing these critical services, KORE helps businesses navigate the complexities of IoT technology, ensuring seamless connectivity and operational efficiency.
Recent achievements highlight KORE's financial resilience and strategic initiatives. The company recently refinanced its senior debt, reducing its overall debt by approximately $120 million and extending its debt maturity by five years. This strategic move aims to enhance cash efficiency and support the company's growth prospects.
In the third quarter of 2023, KORE reported significant financial and operational successes, including strong organic growth in its core IoT Connectivity business. The company also integrated the Twilio IoT team and plans to launch a new combined eSIM product in 2024. Despite macroeconomic challenges, KORE has maintained its Adjusted EBITDA guidance and streamlined operating costs to align with revenue shifts.
KORE's leadership in the IoT sector is further validated by its recurring recognition in the Gartner Magic Quadrant for Managed IoT Connectivity Services. This acknowledgment underscores KORE's commitment to delivering reliable, multi-technology, and global connectivity solutions.
Notable partnerships and collaborations demonstrate KORE's innovative approach to IoT solutions. For instance, KORE's collaboration with Medical Guardian on a groundbreaking eSIM-based medical alert device showcases the company's ability to address healthcare access disparities and ensure optimal connectivity.
Looking ahead to 2024, KORE expects to achieve double-digit organic growth in its core connectivity business and remains focused on profitability and EBITDA. The company’s robust financial outlook and strategic initiatives position it well to capitalize on the opportunities presented by the Decade of IoT.
With a broad portfolio of IoT services, a commitment to customer-centric innovation, and a strong financial foundation, KORE Group Holdings continues to lead the way in transforming the IoT landscape.
KORE Group Holdings, Inc. (NYSE: KORE) has closed the acquisition of Twilio's IoT business unit, positioning itself to become the world's first IoT hyperscaler. As consideration, KORE issued Twilio 10 million shares of common stock, representing approximately 11.5% of KORE's issued and outstanding shares.
The acquisition enhances KORE's portfolio of services, including:
- A powerful connectivity suite with eSIM technologies
- A one-stop-shop for IoT operations across the entire lifecycle
- Accelerated time to market through global support and 20 years of IoT experience
- The ability to address every touchpoint across the IoT journey
In connection with the acquisition, KORE is granting equity inducement awards to 18 former Twilio employees, covering up to 1,760,268 shares of KORE common stock.
KORE Group Holdings, a leader in Internet of Things (IoT) solutions, announced that it will release its financial results for the first quarter of 2023 on May 9, 2023. The results will be available after the U.S. market close, followed by a live webcast at 5:00 p.m. Eastern time. KORE provides IoT connectivity and analytics solutions, helping businesses improve operational results. The webcast will allow investors and analysts to engage with KORE's management during a Q&A session. A replay will be accessible for thirty days on their investor relations website, ensuring stakeholders can review the financial outcomes and guidance.
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