Business
Ouster and Velodyne Complete Merger of Equals to Accelerate Lidar Adoption
Robust offering of Ouster and Velodyne products to serve current and prospective customers Innovative digital lidar technology roadmap and new software
About this update from Ouster, Inc.
[{"type":"text","content":"\nRobust offering of Ouster and Velodyne products to serve current and prospective customers\n\nInnovative digital lidar technology roadmap and new software solutions to catalyze growth\n\nStrengthened financial position with over $315 million in combined cash and expected annualized cost savings in excess of $75 million1\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nOuster (NYSE: OUST), a leading provider of high-resolution digital lidar, and Velodyne, a global player in lidar sensors and solutions, announced the successful completion of their merger of equals, effective February 10, 2023. The combined company will keep the name Ouster and continue to trade on New York Stock Exchange under the ticker “OUST.”\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230213005229/en/\nThe merger creates a lidar powerhouse with over 850 customers spanning the automotive, industrial, robotics, and smart infrastructure industries supported by a robust product portfolio of innovative hardware and software solutions in addition to top-tier engineering and commercial teams. Following integration, the combined Ouster expects to retain approximately 350 employees with its headquarters in San Francisco and key offices across the Americas, Europe, and Asia-Pacific. The merger is expected to drive significant cost synergies and value creation for the combined company and its stakeholders.\n\nKey Strengths of the Combined Company:\n\n\nRobust product portfolio to serve current and prospective customers, including Ouster OS and DF series sensors, Velodyne Lidar sensors, and Ouster Gemini and Bluecity software;\n\n\nExpanded partner ecosystem and distribution channels to accelerate market penetration;\n\n\nInnovative digital lidar roadmap and software strategy to drive product adoption and new high-margin revenue streams;\n\n\nExtensive intellectual property portfolio with 173 granted and 504 pending patents, backed by over 20 years of combined experience in lidar technology innovation;\n\n\nStrong financial position with a combined cash balance of over $315 million as of December 31, 2022; and\n\n\nOn track to exceed previously projected annualized operating expenditure synergies of $75 million, compared to standalone cost structures as of September 30, 2022, within 9 months.\n\n\n“We’re thrilled to...