Boxlight Announces Acquisition of Cohuborate Ltd.
May. 14, 2018
LAWRENCEVILLE, Ga.--(BUSINESS WIRE)--May 14, 2018--Boxlight Corporation (Nasdaq: BOXL), a leading provider of interactive technology solutions for the global education market, today announced it has completed the acquisition of United Kingdom-based Cohuborate Ltd. (“Cohuba”), from a family trust of Tony Cann, founder of Promethean. Cohuba is a developer of touch display technology for the education, business and government markets. Boxlight acquired Cohuba for approximately $1.8 million through the issuance of 257,200 shares of common stock at a price of $7 per share.
“The transaction is part of our continued effort to supplement our organic sales growth with strategic acquisitions that accelerate our ability to distribute our solutions globally,” said Michael Pope, president of Boxlight. “Cohuba brings a seasoned sales and operational team and a strong network of reseller partners with decades of experience selling technology solutions into the United Kingdom.”
Effective immediately, the Cohuba sales team will begin distributing Boxlight’s Mimio interactive classroom solution suite, including the award-winning MimioStudio™ classroom software, to the education market throughout the United Kingdom. Boxlight plans to relaunch the Cohuba brand later this year as its global business and government solution, complete with hardware and software solutions tailored to the specific needs of those industries.
The acquisition also brings significant management talent by adding Mr. Paul Pickup, former chief operating officer of Promethean and Andy Pennington, founder and CEO of Cohuba, previously head of product at Promethean responsible for interactive panels and software.
“I am eager to welcome Paul, Andy and the U.K. team to Boxlight,” said Mark Elliott, chief executive officer of Boxlight. “I have a trusted relationship with Paul and Andy from my time at Promethean, and I look forward to leveraging their knowledge and relationships. While many of our competitors are reducing their salesforce and limiting their product offering, we continue to expand with the goal to emerge as the leading provider of interactive technologies globally.”
“We are thrilled to join Boxlight and will benefit from the immense resources they provide including their seasoned management team, comprehensive product suite and financial resources as a publicly traded company. We are proud to see the continuation of the Cohuba brand in the business and government sectors worldwide,” said Andy Pennington, CEO of Cohuba.
About Boxlight Corporation
Boxlight Corporation (Nasdaq: BOXL) (“Boxlight”) is a leading provider of technology solutions for the global learning market. The company aims to improve learning and engagement in classrooms and to help educators enhance student outcomes, by developing the products they need. The company develops, sells, and services its integrated, interactive solution suite including software, classroom technologies, professional development and support services. For more information about the Boxlight story, visit http://www.boxlight.com.
Forward Looking Statements
This press release may contain information about Boxlight's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, competition in the industry, etc. Boxlight encourages you to review other factors that may affect its future results in Boxlight's filings with the Securities and Exchange Commission.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180514006081/en/
Charlotte Andrist, 770-310-5244
Michael Pope, 360-464-4478
Addo Investor Relations
Laura Bainbridge, 310-829-5400
KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: EDUCATION PRIMARY/SECONDARY TECHNOLOGY HARDWARE SOFTWARE MOBILE/WIRELESS
SOURCE: Boxlight Corporation
Copyright Business Wire 2018.
PUB: 05/14/2018 01:00 PM/DISC: 05/14/2018 01:00 PM