Telecommunications and technology services company iQSTEL acquires Smartbiz Telecom, a provider of VoIP and SMS services.
This is technology merger and acquisition deal number 732 that ChannelE2E has covered so far in 2021. See all tech merger and acquisition deals for 2021 and 2020 listed here.
Under the terms, iQSTEL acquires a controlling 51 percent stake in the company for $ 1 million paid in iQSTEL restricted stock over six months.
For now, iQSTEL has signed a memorandum of understanding to buy the company, although due diligence has already been performed and the deal has been approved by the company’s board of directors. iQSTEL says it expects the acquisition to be finalized in early January 2022.
Founded in 2016 and based in Miami, Florida, Smartbiz generates an estimated annual revenue of $ 15 million, according to iQSTEL. Smartbiz will become a subsidiary of IQSTelecom’s B2B division, the company said.
Leandro Jose Iglesias, Co-Founder, Chairman of the Board, President and CEO of iQSTEL, said:
“This acquisition will set a Telecom Business minimum forecast of $ 75.5 million for fiscal 2022, and add positive net income. We are working on forecasts for the Internet of Things, Blockchain Platforms, EV Motorcycles, EV Batteries, and the Fintech Ecosystem, and we plan to announce this consolidated forecast before the end of fiscal 2021, a once we have the independent board. approval.”
iQSTEL Inc. is an American publicly traded company. Its B2B division, Brand IQSTelecom, offers telecommunications, Internet of Things (IoT), blockchain technology and platform services.
The company announced in February 2021 that it had no debt and that it had no convertible notes, warrants, promissory notes or settlement agreements on its balance sheet.