OMNIQ Announces the Closing of the Acquisition of Additional 23% of Dangot Computers Increasing its Ownership to 100%
• OMNIQ acquired 51% on July 1st, 2021.
• OMNIQ exercised its option to acquire the rest of the shares by acquiring an additional 26% effective October 1st 2021 and an additional 23 % effective April 1, 2022, making Dangot Computers (Dangot), a fully owned (100%) subsidiary of OMNIQ.
• Dangot is a profitable prominent player in the field of automation and frictionless equipment for multiple verticals like healthcare, retail, restaurants, and warehouse automation.
• Synergy between OMNIQ and Dangot already generated joint projects with OMNIQ’s AI technology and Dangot’s automation sophisticated solutions.
• Consolidated Revenue of OMNIQ with Dangot achieved $24.9M in the Q4 of 2021 marking the $100 Million run rate milestone.
• OMNIQ’s Fortune 500 customers are a significant market opportunity for Dangot’s innovative solutions, focused, among others, on the Food & Drug, Medical, Retail and the Transportation & Logistics, industries.
• According to the option OMNIQ paid the amount of $3.5 Million for the additional 23% of Dangot’s shares.
• Acquisition financed by working capital and a straight loan (no equity ingredient) from a commercial Bank.
SALT LAKE CITY, April 4, 2022 (GLOBE NEWSWIRE) — OMNIQ Corp. (NASDAQ:OMQS) (OMNIQ” or the “Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based Machine Vision solutions, has acquired additional 23% of Dangot Computers Ltd making it a fully owned (100%) subsidiary, effective April 1st , 2022. The Company has paid $3,518,000 in consideration for the exercise of which $3.1M was financed from a combination of short and long term loans.
Dangot is a profitable, prominent player in the field of automation and frictionless equipment. Its systems have gained an excellent reputation and significant market share in the demanding Israeli market, providing innovative solutions globally for multiple vertical markets including healthcare, retail, restaurants, and warehouse automation.
Dangot’s stand-alone revenue for fiscal year 2021 was approximately $40 Million with approximately $2M in profit before taxes.
Recently OMNIQ announced some of Dangot’s achievements:
• On March 22, 2022, OMNIQ Announced A Purchase Order to Supply Smart Digital Pricing System to 42 Branches of a Dynamic Supermarket Chain in Israel
• On March 14, 2022, OMNIQ Announced the rollout of 1,000 Units of a “Smart Buy and Go” (SBG) Solution for a Supermarket Chain; Plans to Soon Offer SBG to its Fortune 500 Customers Operating in an Industry Estimated to be $1.0 Trillion
• On December 3, 2021, A joint OMNIQ-Dangot project: OMNIQ Receives Approximately $1 Million Order for Smart Kiosks in the US
Shai Lustgarten, Chief Executive Officer of OMNIQ, stated, “Our momentum continues to grow at an astounding pace since the acquisition of Dangot, when we first announced the acquisition, we stated that the combined annual sales created a consolidated $91M company, As it stands now, I am more than pleased to say, our annualized revenue has exceeded $100 million dollars in a mere nine months. Moreover, we are already performing joint projects in Israel and the US and feel that we expect to have many more soon. Dangot’s innovative product offerings fit OMNIQ’s target markets, and as such will be leveraged by our strong sales team in the US market. At the same time, we can accelerate merging our AI products into the supply chain customers served by both companies. Our enterprise customers stand to gain from having access to these cutting-edge solutions that fill in gaps where current technology falls short.”
About OMNIQ Corp.
OMNIQ Corp. provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com.
Information about Forward-Looking Statements
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