Luokung Announces Closing on 100% Equity Interests of eMapGo Technologies
Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading interactive location-based services and big data processing technology company in China, today announced the closing of the acquisition of eMapgo Technologies (Beijing) Co., Ltd. ("EMG"), a leading provider of navigation and electronic map services in China.
Following the Company's recent successful financings resulting in total gross proceeds of $120 million, Luokung has closed on the acquisition of 100% equity interests in EMG, which is now a wholly-owned subsidiary of the Company.
EMG is one of China's leading high-precision map providers focusing on navigation and electronic map production, Internet map services, geographic information system engineering and other A-level mapping qualifications. EMG's customers primarily consist of auto manufacturers and EMG has approximately 24% of China's in-dash navigation market share. EMG possesses the National Class-A qualification certificates of navigable Surveying and Mapping, and is actively developing autonomous driving and HD Map services. As one of the first entrants in to the market and with more than 9 million kilometers of geographic data, data for more than 80 million Points of Interest and more than 30 million vehicle regulations, EMG has substantial geographic data operation experience. Over the years, EMG has established stable and long-term relationships with many top automotive groups, auto parts suppliers, and auto manufacturers in China.
Combining EMG's comprehensive data and HD map services capabilities with Luokung's advanced spatial-temporal big-data processing capabilities provides Luokung with a core competitive advantage in the areas of autonomous driving, intelligent transportation, location-based services, remote sensory imaging, IoT, smart cities and other related fields. We expect the combined company to be well positioned, with partners in the aforementioned sectors and a base of end users with a need for innovative big data processing technologies.
Mr. Xuesong Song, Chairman and CEO of Luokung, stated, "We are very pleased to announce the closing of this transaction, which is the result of hard-won efforts for the teams at both EMG and Luokung. This is a significant milestone in the Company's history as we have created one company with technologies and a product portfolio that will provide us with a clear competitive advantage in the fields of autonomous driving, smart electric vehicles, intelligent transportation, and smart cities, enabling us to accelerate our development in this industry while being accretive to Luokung's financials. EMG will maintain its independent brand as well as its existing operations, providing services to customers as a neutral mapping company, while Luokung will fully support EMG's business development with its technologies, capital, and market relationships."