iQSTEL Acquiring VoIP Service Provider Smartbiz Telecom
This is technology M&A deal number 732 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Under the terms, iQSTEL is acquiring a 51 percent controlling interest in the company for $1 million paid in iQSTEL restricted stock over six months.
For now, iQSTEL is under a memorandum of understanding to buy the company, though due diligence has already been completed and the deal has been approved by the company’s board of directors. iQSTEL says it expects the acquisition to close in early January 2022.
Founded in 2016 and based in Miami, Florida, Smartbiz brings in an estimated $15 million in annual revenue, according to iQSTEL. Smartbiz will become a subsidiary of IQSTelecom B2B Division, the company said.
Leandro Jose Iglesias, co-founder, chairman of the board, president and CEO, iQSTEL, commented:
“This acquisition will set a minimum Telecom Business forecast of $75.5 Million for FY-2022, and will add positive net income. We are working on the forecast for the Internet of Things, Blockchain Platforms, EV Motorcycles, EV Batteries, and Fintech Ecosystem, and we plan to announce this consolidated Forecast before the end of FY-2021, once we get the Independent Board of Directors’ approval.”
iQSTEL Inc. is a U.S.-based publicly-listed company. Its B2B division, Brand IQSTelecom, offers telecommunications, Internet of Things (IoT), technology and blockchain platforms services.
The company announced in February 2021 that it was debt free and has no convertible notes, warrants, promissory notes, or settlement agreements from its balance sheet.