AirIQ Announces Customer Acquisition

AirIQ Inc. (TSXV:IQ), a Toronto-based leader in IoT asset management solutions, has announced the acquisition of assets from a privately held IoT services dealer. The acquisition, finalized on May 16, 2024, includes customers, a URL, licenses, and other marketing assets.

The newly acquired customers operate over 800 devices, generating approximately $200,000 in annual recurring revenues with a 70% gross margin. The deal, valued at around $55,000, was paid in cash and excludes closing costs.

Michael Robb, President & CEO of AirIQ, highlighted the value brought by the acquisition, stating it aligns with the company's growth strategy and will yield excellent returns for shareholders without significantly depleting cash reserves.

All financial figures are in Canadian dollars.