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Report Link: Initial Research Report (Dated 04/08/2021)
Analyst: Howard Halpern
Taglich Rating: Speculative Buy
Time Horizon: 12 Months
Rating Established: April 8, 2021
Price When Established: $9.17
Most Recent Report: April 8, 2021
Price When Issued: $9.17
OMNIQ Corp. Announces Definitive Agreement to Acquire Dangot Computers
On May 6, 2021, OMNIQ Corp. announced it signed a definitive agreement to acquire Israeli based Dangot Computers, a provider of frictionless automated order processing and digital payment processing products for the retail, fast food and parking markets, as well as integrated work stations for physicians, drug delivery, and blood tests, robotics for smart warehouses and point of sales and self-check in management solutions.
OMQS will pay at the closing (upon receipt of approval by the Israeli Competition Authority) approximately $7.6 million ($5.6 million cash and the balance in restricted stock) for a 51% equity interest in Dangot with a one-year option to acquire the remaining 49% at the same valuation.
In 2020, Dangot Computers generated revenues of approximately $35 million and income before taxes of approximately $2 million.
The acquisition of Dangot Computers and its product offerings fit OMNIQ’s target markets, and should enable the leveraging of its sales team in the US market. The integration of this acquisition should enable the acceleration of Artificial Intelligence products into supply chain customers served by both companies.
OMNIQ Corp. headquartered in Salt Lake City, Utah is a global provider of computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic and parking management, as well as access control applications. The company’s technology and services enable clients to move people, assets and data safely and securely through airports, warehouses, schools, national borders, and numerous other applications and environments.
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