Affluence Corporation Announces Intent to Acquire Multiple IoT Technology and Integration Services Companies

Strategic acquisitions strengthen OneMind Technologies and expand market reach.

OAK BROOK, IL / ACCESSWIRE / April 9, 2024 / Affluence Corporation, a leader in Smart City Software and Internet of Things (IoT) technology, today announced that it has reached an agreement to acquire three IoT technology companies and, along with OneMind Technologies, will form a new company named Digibriks. The proposed acquisition includes companies with complementary software products, engineering, integration, and implementation services capabilities. Affluence has executed Letters of Intent with all three companies, and upon completion, Digibriks will become a wholly owned subsidiary of Affluence, giving OneMind Technologies an end-to-end solution and entry into Telecom, Manufacturing as well as expanding its footprint into the Smart City markets. Affluence is under NDA with all three companies, and the acquired companies will be identified via press release upon completion of the definitive acquisition documents.

"This proposed acquisition is a continuation of our strategic plan to significantly grow Affluence in 2024. The proposed acquisition achieves multiple goals for Affluence," said James E Honan, Jr., CEO of Affluence Corporation. "First and foremost, this acquisition will add to top-line revenue as well as positive earnings and cash flow. In 2023, the combination of these three companies recorded approximately $5 million in revenue and over $1 million in EBITDA. Secondly, we will have an improved technology platform integrating Digibriks' connectivity solutions, IIOT platforms, and digital twin technologies with OneMind, giving Affluence a dominant product in multiple industries. Third, this acquisition will give access to a large installed base for the new OneMind product, greater access to a growing network of a world-class partner ecosystem, and a large reseller and distributor network. In addition, we will take advantage of the economies of scale with a more efficient operating cost structure for all four companies."

The proposed acquisition will strengthen OneMind Technologies' Hypervisor NG product and enable the product to manage devices and networks, connect to Industrial systems and standards, and streamline the operations and maintenance cycles of industrial projects. The merged solutions will also expand the company's integration capabilities beyond The Smart City space to develop new Telecom and Manufacturing opportunities.