COMSovereign Holding Corp, a U.S.-based pure-play developer of 5G connectivity and data transmission systems, announced today that it has agreed to acquire all of the equity interests of Skyline Technology Partners, LLC d/b/a Fastback Networks (“Fastback”).
The transaction includes all operations, customers and intellectual property of Fastback, and when completed, will significantly expand the Company’s wireless backhaul technology offerings to include intelligent backhaul radios (“IBR”) designed for Tier 1 service providers currently deploying 5G and next generation public and private mobile networks.
Terms of the transaction include total consideration of approximately $14 million consisting of cash, debentures, and debentures convertible into common stock. The transaction is expected to close within approximately 30 days and is subject to several closing conditions.
Since its founding in 2010, Fastback has been a leader in the development and commercialization of innovative IBR systems that deliver high-performance wireless connectivity to virtually any location including those challenged by Non-Line of Sight (NLOS) limitations.
Fastback’s advanced IBR products allow operators to economically add capacity and density to their macrocells and expand service coverage density with small cells. These solutions also allow operators to both provide temporary cellular and data service utilizing mobile/portable radio systems and provide wireless Ethernet connectivity. Fastback’s significant U.S. patent portfolio consists of 65 granted and active patents and 12 pending patents.
Collectively the portfolio covers key technologies including antenna arrays, signal processing, adaptive antennas, beamforming/steering, self-optimizing networks, spectrum sharing and hybrid band operations.
Chairman and CEO of COMSovereign Holding Corp., Dan Hodges, stated, “Fastback Networks has been a leading U.S.-based innovator in the market for advanced wireless backhaul technology for nearly a decade, with its IBR systems currently deployed with global Tier 1 operators. Through this acquisition, not only does COMSovereign immediately gain commercialized, market-tested 5G backhaul products to add to our offerings, but also gains access to a deep and valuable intellectual property portfolio which we intend to leverage to the benefit of our customers and stakeholders.”
“COMSovereign has assembled an impressive product portfolio to address the U.S. 5G mobility market. With the addition of Fastback Networks product and patent portfolio, COMSovereign will considerably increase the capabilities of its innovative connectivity and backhaul solution portfolio and we are excited to be a part of their journey to deliver on the promises of 5G,” said Harald Braun, Executive Chairman of Fastback Networks.