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Buddy Platform Buying IoT Group

Buddy Platform Buying IoT Group

ASX-listed, Seattle-based IoT company Buddy Platform has announced its intent to buy Zentri, a provider of an IoT security and device management platform.

Zentri is headquartered in Silicon Valley but, according to Buddy, “maintains a substantial engineering office in Sydney.” Buddy recently opened operations in Adelaide.

The transaction will see Zentri shareholders receive a mix of cash and/or Buddy shares up to a maximum of 300 million Buddy shares, valuing Zentri at about $36 million.

The full price will be paid only if Zentri contributes at least US$14.4 million in revenue by the end of calendar year 2017. – Stuart Corner

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