KORE posts double-digit year-over-year revenue growth
28 May 2021 | Melanie Mingas
IoT Connectivity as a Service provider KORE has posted $55.3 million in revenue in its first quarter of operations.
It represents a 10.8% increase on the first quarter of last year.
Further details were light, however the order book for the quarter included a "significant" IoT solutions order from the company’s largest customer and the availability of KORE's Critical Asset Monitoring solution in AWS Marketplace.
“Our record first quarter revenue and ongoing strong financial performance demonstrate that customers value the benefits of partnering with a single provider who enables them to deploy, manage and scale IoT solutions,” said KORE President and CEO Romil Bahl.
“We’re in the early stages of an IoT revolution that is changing the way businesses and organisations operate, and we remain focused on executing our proven strategy to drive superior returns.”
KORE said its key growth driver moving forward will be cross-selling and upselling its installed base of 3,600 enterprise customers.
The firm is planning for a public listing in the third quarter of this year through its proposed merger with Cerberus' SPAC, Cerberus Telecom Acquisition Corp. The merger is expected to take place in July, subject to the SEC concluding its review.
The listing is expected to provide approximately $484 million of gross cash proceeds to the combined company, assuming no redemptions by CTAC’s shareholders, and includes a $225 million PIPE investment.
“KORE services very sticky customers in a dynamic market that is projected to reach approximately $1 Trillion in the next four years,” said Tim Donahue, CEO of Cerberus’s CTAC and former executive chairman of wireless giant Sprint Nextel.
“The company’s top-notch management team has delivered on their promises and driven growth, consistently. Couple that quality leadership team with a company that has real revenue and you’ll come to the same conclusion I did. KORE can go to the next level, if not more.”