- Developer of autonomous security robots Knightscope Inc KSCP has signed a definitive agreement to acquire CASE emergency systems (CASE).
- CASE is a provider of communication and security technologies.
- The acquisition is expected to give Knightscope a strategic entry into a nationwide market and increase its revenues while increasing its impact on keeping communities across the country safe.
- It also provides a boost to Knightscope’s physical footprint with over 7,000 devices currently installed across the United States and 9 manufacturing and logistics facilities spread across California, Texas and New York.
- CASE’s customers include airports, law enforcement, universities, municipalities, railroads, healthcare, parks, and the US federal government will boost business with Knightscope’s autonomous security robots.
- The transaction is expected to close in October.
- CASE generated over $5.4 million in profitable revenue in 2021.
- Sebastian E. Gutierrez, Founder, President and CEO of CASE, will join Knightscope as part of the transaction as Senior Vice President of Public Safety Infrastructure Development.
- Knightscope has entered into a convertible debenture offering with an accredited investor that will generate cash proceeds to fund a majority of the acquisition.
- The enterprise held $15.6 million in cash and equivalents from June 30, 2022.
- Price promotion: KSCP shares traded 5.65% higher at $2.62 on the latest check Tuesday.
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