London, United Kingdom – Gorilla Technology Group Inc., a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, announced that it has entered into a non-binding letter of intent (“LOI”) to acquire Thailand-based Bacom Internetwork.
Since 2011, Bacom Internetwork has been a distributor and systems integrator of some of the security technologies in Thailand. Bacom is a provider of smart city infrastructure solutions, including Apismart, a smart building solution it developed that improves living standards through smart security and smart ecosystem, contributing to a smarter and safer world.
Tanakrit Rojanasiraprapa, managing director for Bacom, believes that this transaction has the potential to be transformational to both Bacom and Gorilla. “We have learned a lot about being a systems integrator and building effective smart building solutions. Over the course of the last decade, we had to build solutions that were unique and that needed to stand out. It was more than just having the right strategy; it was about designing customised solutions that specifically suit each customer’s needs.
“Gorilla is a partner of the highest calibre. They have developed sophisticated and powerful technology for strong reference customers across Southeast Asia. Partnering with Gorilla will help us build a healthy pipeline and accelerate our ability to reach a larger customer base in Thailand,” adds Rojanasiraprapa.
“Companies must invest in building strong customer relationships while continuously investing in and improving their technology and offerings to stay competitive in an ever-evolving market,” says Jay Chandan, chairman and CEO of Gorilla. “The acquisition of Bacom is compelling in many ways. Thailand is a key strategic market for us and this allows us to expand our footprint in a country that is going through a technology leapfrog event. Second, it is consistent with our strategy of global expansion and our commitment to delivering long-term growth. And finally, it allows Gorilla to take the solutions built by Bacom to key markets in MENA and Europe.”
“We are witnessing the Asia phenomenon of smart city developments, which is unique and quickly urbanising in the global economy. Combining Bacom’s impressive team and product portfolio with Gorilla will help create a strong smart city solutions platform, capable of delivering economic, environmental, and social benefits,” says Lawrence Ng, head of Asia for Gorilla.
Following this signing, Gorilla has commenced business, financial and legal due diligence. Gorilla will continue negotiations on the acquisition with the aim of reaching a final purchase agreement in the next 90 days. The LOI includes a 60-day exclusivity period, subject to extension by Gorilla.
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