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K1 Investment Management has announced the upcoming acquisition of its portfolio company Axcient by ConnectWise. Axcient, a provider of advanced business continuity and disaster recovery (BCDR) solutions for managed service providers (MSPs), has seen significant growth under K1's investment. Key highlights include:
- Annual recurring revenue grew 7.5x during K1's investment period
- K1 facilitated strategic acquisitions of Anchor, Cloudfinder, and Replibit
- Axcient established itself as a category leader in backup and disaster recovery software
- The acquisition by ConnectWise aims to accelerate Axcient's mission to protect MSPs from cybersecurity risks
- K1 has realized over $1.8 billion of liquidity in the past ten months across its portfolio
K1 Investment Management has announced a strategic growth investment in Board Intelligence, a leading board management software platform. Board Intelligence, established in 2010, serves over 40,000 leaders across 3,000 organizations worldwide, including major corporations and public sector entities. The company's AI-powered platform, Lucia, assists management teams in preparing concise reports for boards.
This partnership aims to drive Board Intelligence's next growth phase, focusing on organic growth, product and geographic expansion, and strategic acquisitions. K1 will become the sole institutional shareholder, with founders Jennifer Sundberg and Pippa Begg retaining minority stakes. The investment reflects K1's confidence in Board Intelligence's category leadership and potential for global expansion.
ORBCOMM Inc. has been selected by TLD Logistics to enhance their fleet operations by integrating ORBCOMM's advanced in-cab and cold chain telematics solutions. This integration aims to improve fleet safety, compliance, and operational performance.
Utilizing ORBCOMM's comprehensive analytics platform, TLD seeks to enhance driver efficiency and safety while ensuring adherence to regulations. The deployment is slated for completion by the end of 2021.
ORBCOMM Inc. has completed an all-cash acquisition by GI Partners, valuing the company at approximately $1.1 billion. Each ORBCOMM shareholder will receive $11.50 per share, reflecting a premium of around 52% over the stock's last closing price. The acquisition, approved by shareholders, allows ORBCOMM to operate as a private entity, enabling greater flexibility for growth and innovation in the industrial Internet of Things (IoT) sector. ORBCOMM aims to enhance operations and enter new markets post-acquisition.
ORBCOMM Inc. has achieved the 5G for Enterprise Branch Specialization from Cradlepoint, enhancing its position in the industrial IoT sector. This specialization acknowledges ORBCOMM as a leading partner in delivering robust 5G solutions. With this certification, ORBCOMM will aid in promoting Cradlepoint’s expansive portfolio, focusing on business continuity solutions that ensure connectivity during broadband failures. ORBCOMM aims to leverage this technology to provide competitive advantages to transaction-based organizations worldwide.
ORBCOMM Inc. has partnered with WEL Companies to enhance their supply chain operations through an integrated tracking solution for dry and refrigerated trailers. Utilizing ORBCOMM’s IoT technology, WEL will gain real-time visibility of freight location and temperature, ensuring compliance with the Food Safety Modernization Act. The deployment of ORBCOMM's telematics solutions aims to improve fleet utilization, decrease fuel consumption, and optimize billing accuracy, ultimately streamlining WEL's operations.
ORBCOMM Inc. has received approval from the FCC for the transfer of its authorizations related to its acquisition by GI Partners. This approval, announced on August 18, 2021, satisfies a key condition for closing. The acquisition is expected to finalize in early September 2021, making ORBCOMM a privately held entity no longer listed on Nasdaq. The transaction is crucial for ORBCOMM's strategic goals, leveraging GI Partners' investment prowess in data infrastructure businesses.
ORBCOMM Inc. (Nasdaq: ORBC) has successfully received the necessary certifications to operate its heavy equipment monitoring solutions in China. Collaborating with ACloud, a local connectivity provider, ORBCOMM can now offer its PT 7000 telematics device and FleetEdge software to improve operational efficiency for businesses in the region. This expansion taps into the high-growth Chinese market, enhancing asset utilization and maintenance effectiveness.
ORBCOMM Inc. (Nasdaq: ORBC) has partnered with Farmbot Monitoring Solutions, a leader in remote agricultural monitoring in Australia, to utilize ORBCOMM's satellite IoT technology for smart agriculture. This collaboration enhances farmers' management and visibility of water resources, resulting in improved efficiency, productivity, and sustainability. ORBCOMM's rugged satellite IoT modem facilitates real-time monitoring and analytics, reducing the need for manual checks and supporting eco-friendly farming practices. Farmbot plans to expand deployment significantly in the coming years.
ORBCOMM Inc. reported Q2 2021 revenues of $65.9 million, up 16% y-o-y, driven by the shipment of 90,000 devices. Product sales surged to $28.4 million, a substantial 55.1% increase. However, the company faced a net loss of $7.7 million or $0.10 per share, wider than the previous year's loss. Service revenues showed a slight decline, and operating expenses rose due to acquisition-related costs. The merger with GI Partners is on track for closing in H2 2021, pending regulatory approvals.
