Actelis Networks (ASNS) To Acquire Quality Industrial (QIND) Expanding Energy Operations

Actelis Networks, Inc. (ASNS), a leader in networking solutions for IoT applications, has signed a binding term sheet that will allow the company upon closing to acquire 61%-75% of the issued and outstanding shares of Quality Industrial Corporation (QIND).

Quality Industrial has operations based in Dubai and provides solutions for critical infrastructure industrial and energy sectors.

Company highlights below:

  • 2023 Revenue: $11M
  • 2023 Net Income: $1.8M
  • Q1 2024 Revenues: $3.1M
  • Q1 2024 Net Income: ~$0.76M
  • Current customer base: 40,000 customers across UAE
  • 7 operating facilities and nearly 100 employees
  • Internationally certified and government approved.

At the closing, Actelis will issue to the Sellers 19.99% of its common stock and preferred non-voting shares for the balance of the consideration. The companies are planning to close the transaction, pending regulatory requirements and due diligence, within 60 days.

Tuvia Barlev, Chairman and CEO of Actelis, stated, “We are excited to team-up with QIND as it opens for us new geographies in the UAE, Gulf Region and Africa with applications in new, critical verticals such as energy, utilities, and public safety. Actelis’ technology is focused on innovation, enabling rapid modernization of critical infrastructure and industries, providing rapid deployment networking in a secure and cost-effective manner, and enabling smart IoT applications and sensors. QIND and other companies in the energy sector need reliable networking, cyber protection, and smart applications to improve their business operations. Remote monitoring for quality of service and safety, automation of delivery and billing, as well as forecasting and supply-chain optimization are all areas that can be strengthened with the Actelis’ technology. The acquisition of QIND allows Actelis to add inorganic, profitable revenue of a recurring nature while offering IoT technology to enhance the operations of QIND and its customers, resulting in smarter and more efficient operation, and enabling faster growth. As contemplated, the acquisition would result in a combined company which had on a proforma basis $17 million in revenue in 2023 with substantial growth projected for 2024.”

John-Paul Backwell, CEO of Quality Industrial Corp., stated, “The joining of Actelis and QIND aligns with our goal of expanding our company by harnessing advanced technologies to increase business efficiencies. Actelis’ solutions can assist in reducing our operational costs through the automation of product delivery and system monitoring, thereby improving our competitiveness and accelerating the growth of our business.”

About Actelis Networks, Inc.

Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment networking solutions for wide-area IoT applications including federal, state and local government, ITS, military, utility, rail, telecom and campus applications. Actelis’ unique portfolio of hybrid fiber-copper, environmentally hardened aggregation switches, high density Ethernet devices, advanced management software and cyber-protection capabilities, unlocks the hidden value of essential networks, delivering safer connectivity for rapid, cost-effective deployment. For more information, please visit www.actelis.com.

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Actelis Networks (ASNS) To Acquire Quality Industrial (QIND) Expanding Energy Operations

Ashlee Vogenthaler

Markets Editor