Digital transformation company Veea and the special purpose acquisition company Plum Acquisition Corp recently announced an intention to explore a business combination. In a non-binding letter of intent, the two parties have disclosed plans to unite and become a combined entity.
Both companies say this move is subject to the completion of due diligence and further negotiations.
Founded in 2014, Veea provides edge-to-cloud computing to clients with its VeeaHub smart computing hub products. According to the companies, these multi-user devices can replace or complement Wi-Fi Access Points (APs), IoT gateways and a variety of other hubs and appliances.
Meanwhile, Plum Acquisition Corp, co-founded by industry veterans Ursula Burns, Kanishka Roy, and Mike Dinsdale, aims to create a platform that turns private companies into top-tier public companies and listed stocks.
The proposed business combination between Veea and Plum would see Veea’s existing shareholders exchanging their shares for equity in the new combined public entity. The two parties anticipate finalizing a definitive business combination agreement in the coming weeks. They will announce additional details at that time.
Veea and Plum have acknowledged the need for approval from both companies’ boards and shareholders for the satisfaction of other pre-agreed conditions.
Veea is headquartered in New York City, with engineering activities in Bath, UK, and Iselin, New Jersey, USA. Sales and support offices are located in the US, France, South Korea and Brazil.
The company has been recognized as a 2021 Cool Vendor in Edge Computing by Gartner and as a Leading Smart Edge Platform for 2023.
In September, Energous Corp and Veea partnered to integrate wireless power and edge computing for real-time asset tracking in the IoT sector. This collaboration brings together Energous’ PowerBridge technology, Wiliot’s IoT Pixel tags and Veea’s edge platform to create a wireless power ecosystem. The integration aims to reduce installation costs, enhance bandwidth efficiency and improve security and reliability.
According to Cesar Johnston, CEO of Energous, the growing importance of data processing has led to cost challenges for customers. This is primarily due to the substantial amount of data being generated, processed, and stored. Johnston believes that edge computing offers a solution to address these escalating difficulties.
edge computing | IoT | Plum Acquisition Corp | Veea