Business
Lantronix Completes Acquisition of Intrinsyc Expanding its IoT Value Proposition
IRVINE, Calif., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Lantronix, Inc. (“Lantronix”) (NASDAQ: LTRX), a global provider of secure data access and management
About this update from Lantronix, Inc.
[{"type":"text","content":"IRVINE, Calif., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Lantronix, Inc. (“Lantronix”) (NASDAQ: LTRX), a global provider of secure data access and management solutions for the industrial Internet of Things (IoT), today announced that it has completed its previously announced acquisition of all of the outstanding shares of Intrinsyc Technologies Corporation (“Intrinsyc”) a leading provider of solutions for the development of embedded and IoT products. \n Immediately following the transaction, Intrinsyc shareholders will own approximately 15.5% of the outstanding shares of common stock of Lantronix. “The acquisition of Intrinsyc demonstrates our continuing commitment to deliver incremental growth and shareholder value,” stated Paul Pickle, president, and CEO of Lantronix. “In this transaction, which is expected to be accretive after the first full quarter of operations, we are acquiring edge computing and design capabilities crucial to the development of intelligent IoT solutions, while also bringing increased scale and the resulting operating efficiencies necessary to drive incremental earnings growth for the benefit of our shareholders.” About Lantronix Lantronix is a global provider of secure data access and management solutions for Internet of Things (IoT) assets. Our mission is to be the leading supplier of IoT solutions that enable companies to dramatically simplify the creation, deployment, and management of IoT projects while providing secure access to data for applications and people. With more than two decades of experience in creating robust machine to machine (M2M) technologies, Lantronix is an innovator in enabling our customers to build new business models and realize the possibilities of the Internet of Things. Our connectivity solutions are deployed inside millions of machines serving a wide range of industries, including industrial, medical, security, transportation, retail, financial, environmental and government. Lantronix is headquartered in Irvine, California. For more information, visit www.lantronix.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking stateme...