CONX Corp. Acquires Red Technologies SAS
CONX Corp. (OTC: CNXX) has successfully acquired a controlling interest in Red Technologies SAS, a key player in the Shared Spectrum and Private Network industries. This significant transaction allows CONX to further its mission in next-generation connectivity opportunities.
Details of the Acquisition
Through its subsidiary, RED Tech US, LLC, CONX has obtained approximately 68% of RED Technologies' outstanding shares for a purchase price of around EUR 18.6 million. Future acquisitions of remaining shares will be based on performance milestones. This acquisition marks a major development in CONX's growth strategy.
Leadership and Future Plans
P.J. Muller, the CEO of Red Technologies, alongside co-founder Michael Abitbol, will lead the operations of the company post-acquisition. Their continued leadership aims to position RED Technologies as a competitive option in the Citizens Broadband Radio Service (CBRS) market.
Statements from Leadership
P.J. Muller expressed that this acquisition represents a crucial step for both companies as they aim to restructure the SAS landscape. With the backing of CONX, they plan to innovate and enhance the CBRS ecosystem significantly, promising advanced solutions and services.
Jason Kiser, CEO of CONX, mentioned the strategic alignment of their goals in investing in cutting-edge connectivity solutions and infrastructure. The vision is for RED Technologies to emerge as a top-tier operator within the SAS segment, with potential growth in both domestic and international markets.
Strategic Appointments
Additionally, CONX has appointed Marc Rouanne to the board of RED Technologies. Rouanne brings extensive experience from the telecommunications industry, previously holding top positions such as Chief Network Officer for DISH Wireless. His expertise is expected to contribute greatly to the strategic direction of RED Technologies.
About CONX Corp.
CONX Corp. is a dynamic entity designed to support and enhance the evolution of communication and connectivity. The company focuses on partnering with innovative firms that demonstrate strong management and scalable business models.
About RED Technologies
Founded in 2012, RED Technologies specializes in spectrum-sharing technologies and services. It provides cloud-based solutions for CBRS and Television White Space (TVWS). Their aim is to modernize communications infrastructure, particularly through 5G solutions that enhance accessibility across various sectors.
RED Technologies has a distinguished track record in pioneering advancements in spectrum-sharing technologies, contributing to regulatory developments within the CBRS space, and employing a team composed of top-tier telecom engineers.
Frequently Asked Questions
What does CONX Corp.'s acquisition of Red Technologies entail?
This acquisition gives CONX Corp. a controlling interest in Red Technologies, aimed at enhancing its capabilities in the Shared Spectrum and Private Network sectors.
Who are the key leaders of Red Technologies?
P.J. Muller serves as the CEO, supported by co-founder Michael Abitbol as COO, both of whom will continue to manage operations within the company.
What are the future goals for CONX Corp. following this acquisition?
CONX aims to innovate within the CBRS ecosystem and become a leading operator in the Spectrum Access System market.
What experience does Marc Rouanne bring to Red Technologies?
Marc Rouanne brings over 20 years of experience in the telecommunications field, including roles at high-level industry positions, enhancing strategic development at Red Technologies.
What services does RED Technologies specialize in?
RED Technologies specializes in scalable, cloud-based solutions for CBRS and TVWS, focusing on enhancing 5G technology accessibility for businesses across markets.
