Gorilla Technology Group Inks Heads of Terms To Acquire Bacom Internetwork By CIOTechOutlook Team

Gorilla Technology Group Inks Heads of Terms To Acquire Bacom Internetwork

CIOTechOutlook Team | Tuesday, 13 June 2023, 02:49 IST

To acquire Bacom Internetwork, a leading innovator, distributor, and systems integrator of Smart City Infrastructure solutions in Thailand, Gorilla Technology Group Inc., a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, has reached binding agreement.

The intended transaction is anticipated to close by the end of September and is contingent upon concluding the transaction documents, completing confirmatory due diligence, and obtaining all required local regulatory clearances. Bacom will become a wholly-owned subsidiary of Gorilla once the deal is finalised.

The acquisition is a key step towards Gorilla's objective of securing a leading position in Smart and Safe City solutions on a worldwide scale. With Bacom's track record of success and its position as a top provider in Thailand, there is a remarkable opportunity for additional growth. Gorilla thinks that Bacom could experience a compound annual growth rate (CAGR) of more than 50% over the following three years based on internal study and current market predictions.

“This acquisition embodies Gorilla's bold vision and dedication to excellence as we pursue an ambitious global expansion strategy. By leveraging the synergies between Gorilla and Bacom, this strategic move sets the stage for success in providing Smart City Infrastructure solutions and improving living standards as the global economy continues to urbanize at an unprecedented rate,” said Jay Chandan, Chairman and CEO of Gorilla.

“We expect this acquisition to accelerate the delivery of AI-powered solutions and enable Gorilla to offer a more integrated Platform as a Service (PaaS) that will help build a competitive advantage globally. Moreover, we believe this transaction will improve our earnings and bring significant value to our shareholders,” added Chandan.