Carl Data Solutions Inc (CSE:CRL), an industrial IoT company focused on providing next generation information collection, storage and analytics solutions for data-centric companies has entered into a letter of intent to acquire Astra Smart Systems Inc. Astra Smart Systems in a technology company that manufactures environmental monitoring devices, produces ‘Big Data’ software applications and runs …
Carl Data Solutions Inc (CSE:CRL), an industrial IoT company focused on providing next generation information collection, storage and analytics solutions for data-centric companies has entered into a letter of intent to acquire Astra Smart Systems Inc.
Astra Smart Systems in a technology company that manufactures environmental monitoring devices, produces ‘Big Data’ software applications and runs a data center which can host over 1000 servers.
As quoted in the press release:
Greg Johnston, Carl Data’s President and CEO, commented “The location of Astra’s data center and manufacturing facility for Industrial Internet of Things (IIoT) devices, along with their product line makes this an attractive asset for us. The Acquisition will help us advance and mass produce our own IIoT devices. Astra is also researching machine-to-machine (M2M), smart contract and blockchain products to build next generation distributed data storage solutions. We plan to integrate Astra’s existing IP into our own to accelerate our expansion into new verticals. Astra has seen amazing growth in a very short period of time. We expect that with our support, Astra’s revenues will quickly grow beyond the $115,000 per month it is currently generating.”
Based in Trail, British Columbia, Astra is part of “Metal Tech Alley” a cluster of over 80 companies focused on producing sustainable technologies for resource development that are taking advantage of affordable leasing, great human resource and industry incentives for the West Kootenay region through the Columbia Basin Trust. Astra produces advanced environmental sensors and devices, while developing complimentary data-centric software. It also runs a data hosting center. By combining expertise and product lines, Astra and Carl Data will bring to market fully integrated end-to-end (E2E) environmental monitoring solutions for problems such as air quality, flooding and drought.
Pilar Portela, CEO of Astra, stated “We are really excited to team up with Carl Data. Our combined resources will strengthen our product offerings, expediting delivery and support. This partnership will present a stronger E2E solution that will benefit all of our clients and bridge the IIoT software and hardware markets by providing integrated solutions.”
The consideration payable in connection with the Acquisition will be determined upon completion of the Company’s due diligence, which will be conducted over the next thirty days. On completion of the Acquisition, Astra will continue operating as a wholly-owned subsidiary of Carl Data.
Pursuant to the LOI, Carl Data and Astra have agreed to use their commercial best efforts to formulate a structure for the Acquisition that will comply with all necessary legal and regulatory requirements, minimize or eliminate adverse tax consequences and be as cost effective as possible. It is anticipated that the LOI will be superseded by a definitive agreement between Carl Data and Astra and that such agreement will include representations, warranties and covenants typical for a transaction of similar nature to the Acquisition as well as customary conditions precedent, including satisfactory completion of due diligence and receipt of any required consents and approvals for the Acquisition.