Business
Ecoark Holdings, Inc. to Acquire 440labs, Cloud and Mobile Software Developer, to Support Zest Labs in Increasing Supply Chain Efficiencies
Ecoark Holdings, Inc. to Acquire 440labs, Cloud and Mobile Software Developer, to Support Zest Labs in Increasing Supply Chain Efficiencies.
About this update from Riskon International, Inc.
[{"type":"text","content":"\nEcoark Holdings, Inc. to Acquire 440labs, Cloud and Mobile Software Developer, to Support Zest Labs in Increasing Supply Chain Efficiencies\n\nEcoark Holdings, Inc. to Acquire 440labs, Cloud and Mobile Software Developer, to Support Zest Labs in Increasing Supply Chain Efficiencies\n\n\n440labs joins Zest Labs, an Ecoark Holdings subsidiary, providing development and runtime operations expertise, helping expand the depth and breadth of Zest Fresh deployments\n\nROGERS, AR--(Marketwired - March 13, 2017) - Ecoark Holdings, Inc. (\"Ecoark\") (OTCQX: EARK), today announced that it has completed a non-binding term sheet to acquire 440labs in an all-stock transaction. 440labs is a software development and information solutions provider for cloud, mobile, and IoT applications. 440labs has been a key development partner with Zest Labs for more than four years, contributing its expertise in scalable enterprise cloud solutions and mobile applications. 440labs' experienced leadership and engineering teams will augment Zest Labs' development of modern, enterprise scale solutions that robustly connect to distributed IoT deployments. 440labs blends onshore/offshore resources to optimize development and provide extended runtime operations coverage, critical to broad-based deployments. \"We are excited about the opportunity to acquire 440labs, who has been a valued collaborator in the Zest Fresh development,\" said Peter Mehring, CEO of Zest Labs. \"440labs significantly expands our expertise and enhances development bandwidth.\" \"The 440labs acquisition is consistent with our disciplined capital deployment strategy, which results in the acquisition of high performing niche businesses that grow and compound our cash flow,\" commented Randy May, CEO of Ecoark Holdings. \"440labs is a terrific company with clear leadership in its niche market, strong technical expertise with numerous growth opportunities, and a management team that will thrive as part of Zest Labs.\" The 440labs leadership team, headed by Scott Durgin, will continue to manage its business and global team of professionals. The 440labs name, brands and office locations will not change as a result of the transaction. Acquisition Financing and Financial OutlookThe acquisition will be funded by an all-stock agreement, which Ecoark plans to issue upon completion of a definitive agr...