SECO has signed an agreement for the acquisition of Oro Networks, a US company based in the Silicon Valley
A strategic transaction creating value for SECO’s shareholders and giving rise to SECO Mind US. The acquisition of a highly growing and profitable business will allow SECO to sell its IoT-AI CLEA suite on the US market
The deal contributes to the implementation of one of the main pillars of the SECO’s strategy, aimed at adding more and more value to the products and the solutions for its clients
AREZZO, Italy, June 4, 2021 /PRNewswire/ — SECO S.p.A. (“SECO“), reference player in the field of technological innovation and Internet of Things solutions, today announced the signing of a binding agreement for the acquisition of the assets of Oro Networks LLC and its subsidiaries (“Oro“).
Founded in 2018 by Ajay Malik, previously serving as executive manager in companies like Google, Cisco and author of several publications on the AI, Oro designs and develops Artificial Intelligence solutions which are made available on a Software-as-a-Service basis. Oro’s solutions allow to rapidly connect and cloud manage any hardware for smart control, monitoring and display of actionable insights using machine learning, deep learning, predictive analytics and data mining. Thanks to Oro’s real-time edge AI solution, any device can be turned into a cloud managed intelligent endpoint, and customized AI pipelines can be easily deployed on the data generated on the edge. A set of ready-made and personalized apps is also available for clients to monitor their key performance indicators in real time.
The acquisition of Oro represents a strategic transaction for SECO, allowing it to add an important building block to its Artificial Intelligence portfolio and strongly increasing the software’s weight on the Group’s offering: thanks to a wide capability to integrate high value-added services, Oro will enhance SECO’s capacity to target software-first clients, with a particular reference to the US market. In this way, SECO also internalizes further competences to customize its Artificial Intelligence algorithms, while ensuring proximity to the US-based clients with a presence in the heart of the Silicon Valley.
The transaction will be completed through SECO’s subsidiary SECO USA, Inc., which will control a newly-incorporated company (“SECO Mind US” or the “Newco“) holding the assets of Oro.
“This transaction allows to further accelerate the adoption of CLEA on the US market. We are delighted to welcome Ajay Malik and his high profile team of managers and outstanding developers on board. Thanks to them, we acquire top-level capabilities to customize the last mile of CLEA with the Artificial Intelligence module. The integration with dynamic, cutting edge and complementary companies with respect to our business will be an accelerator of our development process that will be accompanied by a solid organic growth,” Massimo Mauri, SECO CEO, said.
“Global AI market is predicted to snowball in the next few years, reaching more than $190 billion market value in 2025. With CLEA and ORO AI Suite, we will be able to do rapid enablement of AI in EDGE or CLOUD 25x to 100x times faster than alternative approaches!,” said Ajay Malik, who will take the role of CEO of SECO Mind US after the closing.
The closing of the transaction is expected by the end of June 2021.
Description of SECO
SECO SpA, (IOT.MI), a company listed on the Italian Stock Exchange STAR segment, develops and manufactures cutting-edge technological solutions, from miniaturized computers to fully customized integrated systems combining hardware and software. SECO also offers Clea, an end-to-end IoT and AI software suite
For more information: http://www.seco.com/
Head of Investor Relations
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