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PALO ALTO, Calif., April 10, 2019 (GLOBE NEWSWIRE) -- Inpixon (Nasdaq: INPX) (the “Company” or “Inpixon”), a leading indoor positioning and data analytics company, today announced it has signed a non-binding term sheet to acquire Locality Systems Inc. (“Locality Systems”), a technology company based near Vancouver, Canada, specializing in wireless device positioning and radio frequency (RF) augmentation of video surveillance systems. The acquisition is expected to be accretive and is anticipated to have a purchase price consisting of a combination of cash and equity.
Locality Systems' Wi-Fi positioning system technologies deliver advanced visitor analytics, and the company's video management system (VMS) integration technologies enhance traditional security video feeds by overlaying wireless device detection and tracking. The VMS integration, currently available for a number of leading VMS vendors, enables security personnel to identify potential suspects, and to track their movements cross-camera and even from one facility to another.
“We’re excited at the prospect of combining Locality Systems within the Inpixon family. Locality's visitor information solution fits nicely into our IPA Intelligence line-up as a Wi-Fi-only offering that complements our IPA Sensors,” said Nadir Ali, Inpixon CEO. “Its enhanced video surveillance solution combines strategically with our sensor fusion and video integration product enhancement initiatives to deliver a powerful Security Dome product.”
“I believe Inpixon will be a great home for our location intelligence technology,” commented Kirk Moir, Locality Systems CEO. “I believe we will be one of very few companies, in a global $36 billion video surveillance market, to offer Wi-Fi, Bluetooth and cellular detection integrated with deployed video security platforms. I anticipate our current and prospective location intelligence partners will be able to use these new capabilities to differentiate their offerings and to solve some tough problems that can only be addressed by going beyond standalone and Wi-Fi-only detection.”
“Most security cameras pick up only that which is visible to the eye,” noted Soumya Das, Inpixon COO. “Inpixon’s Security Dome RF detection enables one to see the unseen. I expect we'll have significant cross-selling opportunities within Inpixon's government and security customers who will be excited to adopt the new capabilities that we will be able to offer following the planned acquisition of Locality Systems.”
The Company has not entered into a definitive agreement for the proposed transaction. Accordingly, there can be no assurance that the transaction will occur. The proposed transaction is subject to the satisfaction of due diligence, negotiating the terms of, and executing, a definitive agreement relating to the proposed transaction and obtaining and satisfying all other necessary closing conditions. Furthermore, the terms of the transaction are still subject to discussion and may be changed as a result of any material positive or adverse change to the business of either party. Accordingly, there can be no assurance that a transaction will be entered into or that the proposed transaction will be consummated on the terms described in this press release or at all.
About Locality Systems Inc.
Founded in 2012 by wireless systems experts with extensive backgrounds in mobile and first responder technology, Locality Systems is a leading provider of location intelligence solutions to commercial, retail and public venue operators. Locality's patent pending sensor hardware, cloud-based software, and integrations with leading security platform providers enable customers to leverage location intelligence to enhance operations and to make existing security infrastructures more intelligent and proactive. For more information, visit LocalitySystems.com.
Inpixon (Nasdaq: INPX) is a leader in Indoor Positioning Analytics (IPA). Inpixon IPA Sensors are designed to find all accessible cellular, Wi-Fi, and Bluetooth devices anonymously. Paired with a high-performance data analytics platform, this technology delivers visibility, security, and business intelligence on any commercial or government location worldwide. Inpixon’s products and professional services group help customers take advantage of mobile, big data, analytics, and the Internet of Things (IoT) to uncover the untold stories of the indoors. For the latest insight on IPA, follow Inpixon on LinkedIn, @InpixonHQ on Twitter, and visit inpixon.com.
Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Inpixon and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the consummation of the acquisition which is subject to the terms of a definitive agreement, the fluctuation of economic conditions, the performance of management and employees, the consummation of the acquisition described in this press release, Inpixon’s ability to obtain financing, competition, general economic conditions and other factors that are detailed in Inpixon’s periodic and current reports available for review at sec.gov. Furthermore, Inpixon operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Inpixon disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
Inpixon Investor Relations:
Scott Arnold, Managing Director