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Borqs Technologies to Sell Hardware and Software Business to Sasken Technologies, Inc.

Nov 20, 2024•over 1 year ago

Contract Type

partnership

Santa ClaraSoftware

Description

Borqs Technologies, Inc. has announced its intention to sell its hardware and software business to Sasken Technologies, Inc. The total consideration for the sale, inclusive of earn-outs, management incentives, and other payouts, shall not exceed US$40 million. The company will have a clean and debt-free capital structure after the transaction, enabling future growth and investment in high-growth opportunities, especially in AI and blockchain technologies.

Company Information

Company

BORQS

Location

5201 Great America Parkway, Suite 320

Santa Clara, California, United States

About

BORQS is a global leader in embedded software and IoT products, delivering customizable, scalable Android-based smart-connected devices and end-to-end cloud-service solutions. Founded in 2007 and listed on NASDAQ under the symbol BRQS, BORQS operates R&D centers in China and India, with a presence in the USA, Japan, and Korea. The company partners with top chipset vendors to leverage a strong software and IP portfolio, enabling clients to excel in the IoT space. Notably, BORQS developed the first commercial-grade video telephony software for Android and collaborated with Qualcomm to create the world’s first 4G Android wearable on the Snapdragon™ Wear platform. From smartwatches to LTE-based trackers for kids, pets, and fitness, BORQS continues to lead innovation in low-power, always-connected wearables.

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