LONDON, April 11, 2023 (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 it has entered into a non-binding Letter of Intent (“LOI”) to acquire Thailand-based Bacom Internetwork.
Since 2011, Bacom Internetwork has been a pioneering distributor and systems integrator of some of the most intelligent and innovative security technologies in Thailand. Bacom is a leading provider of Smart City Infrastructure solutions, including Apismart, a Smart Building solution it developed that improves living standards through Smart Security and Smart Ecosystem, contributing to a smarter and safer world.
Tanakrit Rojanasiraprapa, Managing Director for Bacom, believes that this transaction has the potential to be transformational to both Bacom and Gorilla. “We have learned a lot about being a systems integrator and building effective Smart Building solutions. Over the course of the last decade, we had to build solutions that were unique and that needed to stand out. It was more than just having the right strategy; it was about designing customized solutions that specifically suit each customer’s needs.
“Gorilla is a partner of the highest calibre. They have developed sophisticated and powerful technology for strong reference customers across Southeast Asia. Partnering with Gorilla will help us build a healthy pipeline and accelerate our ability to reach a larger customer base in Thailand,” added Rojanasiraprapa.
“Companies must invest in building strong customer relationships while continuously investing in and improving their technology and offerings to stay competitive in an ever-evolving market,” said Jay Chandan, Chairman and CEO of Gorilla. “The acquisition of Bacom is compelling in many ways. Thailand is a key strategic market for us and this allows us to expand our footprint in a country that is going through a technology leapfrog event. Second, it is consistent with our strategy of global expansion and our commitment to delivering long-term growth. And finally, it allows Gorilla to take the solutions built by Bacom to key markets in MENA and Europe.”
“We are witnessing the Asia phenomenon of Smart City developments, which is unique and quickly urbanizing in the global economy. Combining Bacom's impressive team and product portfolio with Gorilla will help create a strong Smart City solutions platform, capable of delivering economic, environmental, and social benefits,” said Lawrence Ng, Head of Asia for Gorilla.
Following this signing, Gorilla has commenced business, financial and legal due diligence. Gorilla will continue negotiations on the acquisition with the aim of reaching a final purchase agreement in the next 90 days. The LOI includes a 60-day exclusivity period, subject to extension by Gorilla.
About Gorilla Technology Group Inc.
Gorilla, headquartered in London U.K., 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. For more information, please visit our website: Gorilla-Technology.com.
About Bacom Internetwork Co., Ltd.
Since 2011, Bacom Internetwork Co., Ltd. has been the systems integrator and distributor of some of the most intelligent and innovative security technologies in Thailand. Bacom’s team are highly knowledgeable and experienced in security system integration. Together with their professional team of skillful technical and engineering specialists, clients are serviced by the best in class design, recommendations and state of the art SMART Building solutions that is tailor made to meet the ever-changing security demands of their businesses.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding potential synergies between Gorilla and Bacom, management’s expectations of Gorilla in the event an acquisition is consummated, along with those other risks described under the heading “Risk Factors” in the prospectus Gorilla filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2023, and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
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