China: Luokung Technology Corp, one of the global leading spatial-temporal big data processing technology companies, a leading interactive location-based services company in China, today announced it has entered into an agreement to acquire 100 percent of the equity interests of eMapgo Technologies (Beijing) Co., Ltd. (hereinafter referred to as the “EMG”) from EMG’s original shareholders for RMB 836 million (approximately equivalent to USD 119 million) (the “Acquisition”), which includes about RMB 709 million in cash, and the remaining RMB 127 million will be paid by the Company’s common stock at the conversion rate of $7 dollars per share. The agreement to acquire EMG is conditioned on, among other things, the Company’s ability to raise the necessary financing to consummate the acquisition of EMG.
The Company expects the completion of the Acquisition will significantly increase its holding quantity of the underlying data, and to enhance its long-term sustainable production capabilities of the underlying data collection. EMG’s mapping capabilities and its underlying database along with the Company’s SuperEngine Spatial-Temporal big data engine capability will serve as the Company’s two core technology clusters to support services and applications in LBS, remote sensing data, networking, smart city, autonomous driving and other fields.
The integration of EMG’s underlying data and SuperEngine’s data engine will expand the Company’s capability beyond the provision of technical prowess to much deeper and richer scenarios, thus provide the Company ability to establish a complete set of solutions covering full upstream and downstream industrial chains.
In addition, the Company expects to launch China’s first Spatial-Temporal full-vector non-tiled covering indoor and outdoor map, by combining the technology from its subsidiary, Yuanli Anda, a Company with largest indoor geographic location data in China along with EGM’s underlying data, provide customized real-time dynamic location services for enterprises in various industries.
After the Acquisition, EMG will continue to conduct its business activities independently and provide services to customers as a neutral mapping-company.
