KORE reported preliminary first quarter fiscal 2021 revenue results, marking double-digit year-over-year revenue growth.
“Our record first quarter revenue and ongoing strong financial performance demonstrate that customers value the benefits of partnering with a single provider who enables them to deploy, manage and scale IoT solutions,” said KORE President and CEO Romil Bahl. “We’re in the early stages of an IoT revolution that is changing the way businesses and organizations operate, and we remain focused on executing our proven strategy to drive superior returns.”
The company announced first quarter ended March 31, 2021 preliminary revenue results of $55.3 million. The opportunity to cross-sell and upsell its installed base of 3,600 enterprise customers remains a key growth driver for KORE and this has fueled momentum at the end of the quarter with a significant new IoT Solutions order received from the company’s largest customer.
Fulfilling its promise to simplify the deployment of end-to-end IoT solutions, KORE made its Critical Asset Monitoring solution available in AWS Marketplace during the first quarter.
This offering comes at a time when the global supply chain is stressed. Powered by Sony Visilion, KORE Critical Asset Monitoring is a comprehensive solution that enables businesses to visualize and mitigate the risks associated with global, multi-modal supply chain operations and certifies chain of custody.
The IoT industry has taken notice of the leadership position KORE has established. In the first quarter of 2021, KORE was recognized for its completeness of vision and ability to execute being named by Gartner as a Leader in the 2021 Magic Quadrant for Managed IoT Connectivity Services. This honor represents the second consecutive year that KORE has significantly advanced up and to the right of the leaders’ quadrant. Additionally, IoT Breakthrough Awards selected KORE’s eSIM Device Validation tool for Innovative Solution of the Year.
The company continues its march toward an anticipated third-quarter public listing through a merger with Cerberus Telecom Acquisition Corp. (“CTAC” NYSE: CTAC.U, CTAC, CTAC WS), a special purpose acquisition company affiliated with Cerberus Capital Management, L.P. On March 12, 2021 KORE had announced its intention to list on NYSE through a merger with Cerberus Telecom Acquisition Corp (CTAC), and on April 8, CTAC filed an S-4 with the SEC in connection with the merger. On May 14, 2021, CTAC filed a revised S-4. The CTAC shareholder meeting on the proposed merger with KORE is expected to take place in July, subject to the SEC concluding its review of the revised CTAC S-4.
A newly released company video showcases the transformative power of IoT. KORE President and CEO Romil Bahl shares his vision for the future of IoT and the outlook for the KORE business. View the video now.
“KORE services very sticky customers in a dynamic market that is projected to reach approximately $1 Trillion in the next four years,” said Tim Donahue, CEO of Cerberus’s CTAC and former Executive Chairman of wireless giant Sprint Nextel. “The company’s top-notch management team has delivered on their promises and driven growth, consistently. Couple that quality leadership team with a company that has real revenue and you’ll come to the same conclusion I did. KORE can go to the next level, if not more.
To learn more about KORE and hear from company management, listen to the new SPACInsider webinar recorded on May 19, 2021.