EMERGING TECHNOLOGY
Borqs | December 20, 2022
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless, Internet of Things (IoT) solutions, and innovative clean energy, today announced the Company has received a letter dated December 13, 2022 (the “Letter”) from the Department of the Treasury on behalf of the Committee on Foreign Investment in the United States (“CFIUS”) stating that the Company is required to negotiate with CFIUS to fully divest its ownership interests and rights in Holu Hou Energy LLC (“HHE”) due to HHE solar energy storage system and EnergyShare technology for Multi-Dwelling Residential Units (“MDU’s”) being deemed a critical technology and therefore a potential national security risk.
As stated in the Letter, HHE is considered a top ten solar energy storage supplier in Hawaii, has only been increasing its dominant market share, expects to grow at an exponential rate, and focuses on multi-family dwelling units which are common in military housing. Due to Borqs’ IoT software development and hardware sourcing capabilities in China, CFIUS is concerned that through Borqs, the PRC could gain significant visibility and exert influence over HHE’s business operations and get access to HHE critical technology. CFIUS is requiring the Company to design a plan to mitigate all identified national security risks to the satisfaction of CFIUS.
Borqs intends to comply to the requirements from CFIUS and enter into a National Security Agreement with various departments of the U.S. Government with a plan that is effective, monitorable and verifiable to voluntarily divest Borqs’ investment interests and rights in HHE (the “Plan”). HHE’s commercialization of its solar energy storage system and novel EnergyShare technology for MDU’s has enabled the company to open up a new market segment for renewable energy in the USA - likely worth several billions of dollars. In the last year the Company’s MDU development pipeline has reached thousands of individual units in Hawaii alone, with California MDU potential being at least one to two orders of magnitude higher in the coming years. One segment of this new market is for communities of military and other government personnel. The overall MDU opportunity is significant for the company and significant for the USA. Since Borqs’ financial support in HHE starting from October 2021, HHE has signed approximately $50 million in contracts and has a growing pipeline approaching half a billion dollars. We believe this voluntary mitigation will enable the tremendous inherent value of HHE to be realized and that the divestment can be a profitable transaction for Borqs’ shareholders.
The Plan to mitigate will include engaging a nationally recognized investment bank with experience in administering competitive sales and auction processes, assigning and hiring of security and monitoring personnel to directly communicate with CFIUS, immediate and complete removal of all Borqs administrative and technical influence over HHE, immediate voluntary reduction of Borqs ownership of HHE from a majority to a minority position and with the target of divesting all. The Company believes such points will enable the Company to accomplish the divestment in an orderly manner.
About Borqs Technologies, Inc.
Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products, and is also currently in development of 5G products for phones and hotspots. The Company acquired controlling shares of the solar energy storage system entity, Holu Hou Energy LLC, in October 2021.
About Holu Hou Energy, LLC
Holu Hou Energy, LLC, a Delaware Corporation, brings state-of-the-art renewable energy and energy storage systems to the Single-Family Residential, Multi-Dwelling Unit Residential and Commercial building markets. With operations in California, Hawaii, Wisconsin and Shanghai, HHE engineers proprietary storage system and control platform solutions, including a breakthrough “HHE Energy Share” technology that is key to development of the Multi-Dwelling Unit Residential housing market. HHE is a vital partner for investors and asset owners that are seeking ESG solutions.
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EMERGING TECHNOLOGY
Contentsquare | November 16, 2022
Contentsquare, the global leader in digital experience analytics, today announced it has been accepted into the G-Cloud Digital Marketplace by the Crown Commercial Service of the UK Government. Contentsquare is now officially part of the UK Government-Cloud 13 Framework, an online service that helps public sector organizations in the UK implement the latest transformative cloud technologies, quickly and easily.
Contentsquare was approved as a Cloud Software supplier to deliver actionable insights and data to help public sector organisations manage the accelerated shift to digital and elevate the online experience for their customers. With much of our lives now online, it has never been more important for public sector actors to deliver seamless, intuitive, trustworthy and accessible digital experiences. Government agencies and public organizations have been doubling down on CX and innovation to meet the rising expectations of consumers.
“We are thrilled to have been given the G-Cloud stamp of approval and to have our solution be part of the G-Cloud 13 framework, We are looking forward to partnering with the UK public sector to help transform online services and deliver more seamless, more rewarding — and ultimately more human — experiences to their customers.”
-Duncan Keene, UK Managing Director at Contentsquare.
To support this initiative and Contentsquare’s commitment to the public sector industry, the company also recently hired Verity Buchanan as Public Sector Lead, who brings more than a decade of Public Sector experience to Contentsquare, including her work in the UK justice department, central and local government, as well as in various departments of the NHS. At Contentsquare she is helping build out a team of dedicated account managers to support the unique digital challenges and transformation missions facing the UK Public Sector.
About Contentsquare:
Contentsquare delivers the power to make the digital world more human. Its AI-powered platform provides rich and contextual insight into customer behaviours, feelings and intent — at every touchpoint in their journey — enabling organisations to build empathy and create lasting impact. The global leader in digital experience analytics, Contentsquare helps organisations everywhere transform the way they do business, allowing them to take action at enterprise scale and build customer trust with security, privacy and accessibility. More than 1000 leading organisations use Contentsquare to grow their business, deliver more customer happiness and move with greater agility in a constantly changing world. Its insights power the customer experience on over 1 million websites worldwide. Founded in Paris and with offices around the world, Contentsquare has raised $1.4B in investment funding from leading investors, including funds and accounts managed by BlackRock, Bpifrance, Canaan, Eurazeo, Highland Europe, KKR, LionTree, Sixth Street and SoftBank Vision Fund 2.
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EMERGING TECHNOLOGY
BAE Systems | November 25, 2022
BAE Systems and IT services company Purisolve, Inc. have combined forces to form a joint venture (JV), Promoveo Solutions.
The JV is an outgrowth of a U.S. Small Business Administration-approved mentor-protégé agreement between BAE Systems and Purisolve, a historically under-utilized business zones (HUBZone) certified small business.
Promoveo will initially focus on competing to support the Department of Treasury, leveraging Purisolve’s 15 year history with the department, and BAE Systems’ expertise as a top government contractor. The Atlanta-based company will provide federal agencies an opportunity to meet their small business contracting goals for HUBZone contracts.
“Promoveo means to move forward, As the name suggests, with our experience as a leading systems integrator and Purisolve’s expertise in strategic IT support, this JV is poised to provide forward-thinking IT services to the federal government.”
-Al Whitmore, BAE Systems’ Intelligence & Security sector president.
Purisolve’s owner and President Wallace Jones added, We are excited about working with BAE Systems and enjoying many years of shared success.
About BAE Systems, Inc:
BAE Systems, Inc. and its 34,000 people are part of a global defense, aerospace, and security company. We deliver products and services for air, land, sea and space, as well as advanced electronics, intelligence, security, and IT solutions and support services. Our dedication shows in everything we design, produce, and deliver— to protect those who protect us in a high-performance, innovative culture. We push the limits of possibility to provide a critical advantage to our customers where it counts.
About Purisolve, Inc:
Purisolve, founded in 2007, is a professional services consulting firm specializing in client solutions to improve information management, data analytics, and business intelligence. Purisolve is committed to helping clients become strategic data-driven organizations to increase revenues, reduce costs, or improve efficiencies. Purisolve, was derived by combining two words: “purity” and “solutions”. The word “purity” represents unblemished integrity, including professionalism and work ethic, which is a core value of our firm. The word “solutions” is a simple term that represents innovation and customer-focused results for solving problems.
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