Singing Machine to Acquire AI Logistics Tech, SemiCab
DENVER, Colo., Jun 12, 2024 (247marketnews.com)- The Singing Machine Company, Inc. (NASDAQ:MICS) is acquiring SemiCab, Inc., an artificial freight optimizing intelligence technology company that serves clients in the US and Indian markets.
“We are very pleased to announce the acquisition of SemiCab,” commented Singing Machine’s CEO, Gary Atkinson. “They have a disruptive, cutting-edge AI-powered technology. They have world class customers that are eager to expand their current relationships. Lastly, SemiCab’s technology creates a compelling financial win-win for carriers and enterprise-level Fortune 1000 clients alike through significant cost savings and efficiencies. For the benefit of our shareholders, we view this transaction as a complete overhaul of our growth prospects, our ability to create shareholder value, and to scale SemiCab to be a global force in the logistics space for many years to come,” concluded Mr. Atkinson.
Ajesh Kapoor, SemiCab’s founder and Chief Technology Officer, stated, “I am very proud that our company was able to partner with Mr. Atkinson and the team at Singing Machine.
“For the past six years, we developed a powerful, disruptive AI-powered technology. We leveraged this to quickly attract a number of world-class pilot clients in the US.
“We quickly parlayed our successful US pilot to expand and partner with multiple Fortune 1000 clients across much of India. The only missing ingredient was an efficient, scalable path to growth capital. Today, our partnership with the team at the Singing Machine is the first step in scaling our client footprint across the US, India, and hopefully many more markets to come.
“We view the Indian market specifically as a path that offers tremendous growth potential. A group of approximately 30 Fortune 1000 clients with over $1 billion in annual shipping expenses in the Indian markets recognized the potential benefits of establishing a National Digital Freight Exchange (“NDFE”) and made it a priority to leverage the freight optimization capabilities of SemiCab’s AI-powered technology. Semi-Cab already serves almost a third of the NDFE members today, and we are very excited to expand our relationships in that market in the near term.
“We believe we are at least five years ahead of any potential competitors in terms of the capabilities and validation of our technology. To capitalize on this, we saw the opportunity to partner with Singing Machine as a very cost effective, sensible way to unlock the value of our business for all shareholders. We look forward to being a part of what we believe will be a compelling success story in the adoption of AI-driven technology to impact one of the largest global industry verticals for many years to come.”
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