SPYR Inc. (SPYR) Enters Smart-Home Market Through Strategic Acquisition

Rhea-AI Summary

SPYR Inc. (OTCQB: SPYR) has announced its strategic acquisition of Applied Magix Inc., accelerating its entry into the smart-home market.

This acquisition positions SPYR to tap into the rapidly growing smart-device market, which is projected to reach $159 billion by 2024, alongside a connected car market that could grow from $54 billion in 2020 to $166 billion by 2025.

This move aligns SPYR with the increasing consumer demand for smart-home technologies, particularly for products compatible with Apple’s ecosystem.

Positive

• Acquisition of Applied Magix Inc. enhances SPYR's entry into the smart-home market.
• Smart-home and smart-car markets are projected for significant growth, positioning SPYR for increased revenue.

Negative

• None.

NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) -- NetworkNewsAudio – SPYR Inc. (OTCQB: SPYR) announces the availability of a broadcast titled, “Smarter Homes, Smarter Cars, Smarter People.”

To hear the AudioPressRelease, please visit: The NetworkNewsAudio News Podcast

To view the full editorial, please visit: https://nnw.fm/H6egy 

The numbers around the smart market are eye popping. The connected car market is forecast to grow from $54 billion in 2020 to $166 billion in 2025. The global smart-home security cameras market alone is forecast by Grand View Research to grow 15.7% annually and reach $11.89 billion by 2027. The global market for all smart devices in a home is forecast by Statista to advance from $91 billion in 2020 to $159 billion in 2024. There was good reason Amazon shelled out $1 billion in 2018 to buy Ring, a smart-doorbell company rejected on Shark Tank. The strategic buyout wasn’t just about the technology, it was for quick access into the burgeoning smart-home market as evermore consumers seek to control their homes wirelessly.

SPYR Inc. (OTCQB: SPYR) made a strategic acquisition of its own to enter the smart-home market, buying Applied Magix Inc., a registered Apple developer and reseller of Apple ecosystem compatible products. Bringing Applied Magix under the SPYR umbrella accelerated the parent company’s push into the smart-device market. SPYR is now laser focused on smart-home and smart-car opportunities, specifically users of Apple CarPlay and Apple HomeKit.

About SPYR Inc.

SPYR is a technology company which, through its subsidiary, Applied Magix Inc., develops and resells Apple(R) ecosystem compatible products with an emphasis on the growing multibillion-dollar IoT smart home and connected car markets. SPYR continues to identify and target acquisitions that will grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence (“AI”) and smart-technology products.

For more information about the company, visit https://ir.SPYR.com.

NOTE TO INVESTORS: The latest news and updates relating to SPYR are available in the company’s newsroom at https://ibn.fm/SPYR

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FAQ

What acquisition did SPYR Inc. announce in March 2022?

SPYR Inc. announced the acquisition of Applied Magix Inc. to enter the smart-home market.

How will SPYR's acquisition impact its market position?

The acquisition is expected to enhance SPYR's capabilities in the growing smart-home and connected car markets.

What are the growth projections for the smart-home market?

The global smart-home market is projected to grow from $91 billion in 2020 to $159 billion by 2024.

What is the significance of the smart-car market for SPYR?

The connected car market is forecast to grow from $54 billion in 2020 to $166 billion by 2025, offering substantial opportunities for SPYR.