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Borqs Technologies, Inc. (BRQSF) reports corporate developments following the completed cash sale of its core Internet of Things businesses. The sold operations included embedded software design and customized hardware manufacturing activities, customer contracts, technology licenses, intellectual property, key personnel agreements, and operating assets tied to connected-device work.
Company updates also cover interim financial results, capital-structure changes, governance matters, and use of transaction proceeds for investment activities focused on AI and capital-related ventures. Its operating history includes software and hardware work for mobile phones, tablets, smartwatches, and other IoT products.
Borqs Technologies (BRQSF) has completed the sale of its core businesses to Sasken Technologies for US$40 million. The transaction includes the company's embedded software design and IoT hardware manufacturing operations, along with customers' contracts, technology licenses, IP, key personnel, and important subsidiaries.
The sale amount will be partially reserved for employees, tax withholding, and performance-based earnout arrangements for 2025. Sasken will leverage the acquisition to enhance its capabilities in designing and developing connected devices, from concept to market, including mobile phones, tablets, smartwatches, and IoT products.
Following the sale, Borqs plans to redirect its focus toward emerging opportunities in AI and capital-related ventures. The company, founded in 2007, has approximately 300 employees and maintains strategic alliances with industry leaders like Qualcomm.
Borqs Technologies (BRQSF) reported strong financial results for H1 2024, with total revenues reaching $16.77 million, up 11.9% from H1 2023's $14.99 million. The company's gross margin improved to 20.2% from 19.4%, while operating expenses decreased significantly by 41% to $7.08 million.
The company achieved a remarkable turnaround, posting a net income of $15.02 million compared to a loss of $28.80 million in H1 2023. This improvement was driven by strong performances in both software and hardware segments, operational efficiency gains, and strategic initiatives including the sale of its solar subsidiary interests.
Borqs Technologies (BRQSF) has announced plans to sell its hardware and software business to Sasken Technologies for up to $40 million by the end of 2024. The deal includes earn-outs linked to performance in 2024 and 2025. This strategic move will result in a debt-free capital structure for Borqs. The company currently has 28.97 million outstanding shares, with 16.47 million in public float and no outstanding options or warrants. Post-transaction, Borqs plans to minimize administrative overhead and may consider share buybacks. The company aims to utilize the proceeds to invest in AI and blockchain technologies or acquire new businesses.
Sasken Technologies announced its intent to acquire Borqs Technologies' hardware and software services business for up to USD $40 million. The acquisition, aligned with Sasken's 60x4x3 strategy, will enhance their capabilities in designing and developing connected devices from concept to market. Sasken will assume control of Borqs' operations and assets without associated liabilities. Borqs, founded in 2007, brings nearly 300 employees and strategic alliances with industry leaders like Qualcomm. The deal is expected to complete by end of 2024, strengthening Sasken's position in IoT and 5G markets.