IOT News Roundup

Turkcell rolls out narrow-band IoT network across Turkey ••• Sigfox provides Internet of Things wireless network to City of Buffalo ••• OSRAM acquires software platform provider Digital Lumens Inc. ••• TraqIQ completes two acquisitions to form IoT and data-analytics public company ••• ChikPea to demonstrate IoT devices ••• Machfu raises $1.6 million to accelerate IIoT deployments in energy, smart water ••• Embraco unveils IoT-enabled refrigerator solution ••• SPYRUS announces security platform for Internet of Things ••• Logic Supply launches industrial PC for IIoT, image-processing applications.
By IOT Journal


TraqIQ Completes Two Acquisitions to Form IoT and Data-Analytics Public Company

TraqIQ, Inc. has announced that it has completed the acquisition of OmniM2M, Inc. and ci2i Services, Inc. in order to form a publicly held Industrial Internet of Things (IIoT) and Data Analytics company.

On August 24, 2017, the Company filed a Current Report on Form 8-K with the Securities and Exchange Commission (SEC), which includes 2016 and 2015 audited financial reports and other information for the Company and its combined subsidiary businesses to help investors and analysts better understand its historical financial and operating results.

On July 19, 2017, TraqIQ, Inc. entered into a Share Exchange Agreement with OmniM2M, Inc. ("OmniM2M") and its shareholders and Ci2i Services, Inc. ("Ci2i") and its shareholders whereby the OmniM2M shareholders and the Ci2i shareholders agreed to exchange all of their respective shares in OmniM2M and Ci2i in exchange for 3,000,000 shares each of the Company's common stock, par value $0.0001, effective upon the execution of the Share Exchange Agreement by all of the OmniM2M Shareholders and the Ci2i Shareholders.

The Company also filed with the SEC a Current Report on Form 8-K which details the Share Exchange Agreement; Changes to the Board of Directors and Officers; and Accounting Treatment for the transactions under the Share Exchange Agreement, which is being accounted for as a business combination with TraqIQ as the legal acquirer with Ci2i Services as the accounting acquirer.

"The combination of these companies will help TraqIQ deliver a comprehensive line of IIoT and data analytics cloud products and services that meet customers' needs," said Ajay Sikka, President and CEO of TraqIQ, Inc. "TraqIQ is actively researching potential acquisitions related to tracking and monitoring anything of value in multiple industries, including mobility and transportation, food services, energy and natural resources, and manufacturing."

The Company's new board of directors consists of Messrs. Ajay Sikka and Lloyd Spencer. The Company's intends to list its common stock with OTC Markets in the immediate future.

Simply enter a question for our experts.
Sign up for the RFID Journal Newsletter
We will never sell or share your information
RFID Journal LIVE! RFID in Health Care LIVE! LatAm LIVE! Brasil LIVE! Europe RFID Connect Virtual Events RFID Journal Awards Webinars Presentations