Business
Taoping Signs Non-binding Letter of Intent to Acquire Yunti; Transformational Acquisition Would Substantially Improve Taoping's Annual Revenue, Expand its Addressable Market, and Leverage its Current Portfolio
SHENZHEN, China, Dec. 9, 2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), a provider of innovative smart cloud platform services and
About this update from Taoping Inc.
[{"type":"text","content":"SHENZHEN, China, Dec. 9, 2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the \"Company\"), a provider of innovative smart cloud platform services and solutions, new media and artificial intelligence (AI) solutions, today announced that it has signed a non-binding letter of intent to acquire 100% of the equity of Shenzhen Yunti Internet of Things Co., Ltd. (\"Yunti\"), a Chinese company based in Shenzhen, Guangdong Province. Taoping's acquisition of Yunti, if consummated, is expected to open new revenue growth opportunities for the Company, while further consolidating and expanding the Company's market share in the lucrative elevator equipment and service industry.\n\nUnder the letter of intent, Yunti's shareholders agree to transfer their ownership of Yunti to the Company in exchange for newly issued ordinary shareholders of the Company. The final valuation and timeline of the acquisition will be determined based on a mutually agreed upon independent third party's comprehensive evaluation of Yunti. The parties expect to close and integrate the acquisition over the next 12 months. The non-binding letter of intent does not create an obligation on the part of either party to consummate any transaction. The proposed transaction is subject to a definitive agreement to be negotiated between the parties, conditioned upon further financial and legal due diligence and approval of the Company's Board of Directors, as well as other customary closing conditions, such as any required regulatory approvals. There is no assurance that any transaction will be concluded.\nFounded in 2016, Yunti is a privately held, Shenzhen-based company qualified to provide an end to end Smart elevator solution, integrating sales, installation, repair and maintenance. Yunti is known for developing a robust SaaS platform, which effectively delivers innovative services targeted at China's installed base of an estimated more than 10 million elevators. With a unique, full-scenario business model that combines a customizable, feature rich SaaS platform, Yunti has rapidly grown its customer base in providing full-scenario elevator services, with a portfolio of innovative products specifically designed to meet the needs of China's Smart Elevator ecosystem. Core platforms include Yunti's SaaS-based \"Tishibao\" elevator management Cloud service platform, and \"Tishiban...