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.
Symplicity | November 21, 2022
Symplicity® Corporation the global leader of student employability, wellbeing and success, is proud to announce it has joined the UK Crown Commercial Services as a certified supplier on the Government's G-Cloud 13 procurement framework. This acceptance brings a powerful, and affordable, student support services platform to higher education institutions across the United Kingdom.
The approval means that any higher education institution can now engage with Symplicity without the need for prolonged and extended procurement, bringing a wide range of functionality and services within easy reach. This includes support for employability, skills and graduate outcomes, wellbeing and disability support, a unified student experience and employer engagement, to name a few.
Part of the Government's Digital Marketplace, the G-Cloud framework is designed to ensure the public sector has access to proven and cost-effective cloud software and services via an online platform.
"Achieving G-Cloud 13 certification enables Symplicity to continue offering higher education institutions the tools to improve student engagement and outcomes, With this sought-after certification, Symplicity can support more institutions, staff and students with a holistic and whole university support structure."
-Thomas Jepsen, President of International at Symplicity.
About Crown Commercial Service (CCS):
Crown Commercial Service (CCS) is an Executive Agency of the Cabinet Office, supporting the public sector to achieve maximum commercial value when procuring common goods and services. CCS supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2021/22, CCS helped the public sector to achieve commercial benefits equal to £2.8 billion - supporting world-class public services that offer best value for taxpayers.
Symplicity® Corporation is a global leader in student employability and engagement software solutions to more than 2,500 colleges and universities across 37 countries. Symplicity's SaaS platform supports the full student Iife, including early talent recruiting, accessibility, wellbeing and behavioural intervention. These solutions empower higher education clients to enhance a student's ability to stay in school, graduate and secure a first job.
EMERGING TECHNOLOGY,GOVERNMENT BUSINESS
Precisely | January 11, 2023
Global leader in data integrity solutions, Precisely, is selected to be a supplier for the Crown Commercial Service's G-Cloud 13 Framework. Precisely's portfolio of data integrity solutions is now available on the G-Cloud procurement platform, further establishing the company's reputation as a trusted solutions provider to the central and local governments as well as the public sector.
The G-Cloud initiative aims to make cloud-based services more accessible to the UK government and public sector organizations. The framework only includes suppliers and solution providers who meet the UK Government's highest privacy, security, and scalability standards, allowing organizations to procure the services and solutions they require more quickly and with less risk.
Government and public sector services are under considerable stress, which the COVID-19 pandemic aggravated, and many organizations assigned with meeting demanding digital transformation efforts are struggling with the change. This causes data silos, inefficient resource use, a lack of understanding of citizen needs, and even regulatory compliance concerns.
Data analytics continues to be the most pressing issue for central government departments, a recent Central Gov Strategy Forum study revealed, with 65% of the departments planning to increase spending in this area in 2023.
"Whether organizations are looking to move from antiquated mainframes to the cloud, create data governance frameworks, build data quality for a 360° view of their citizens, or leverage powerful spatial insights, successful digital transformation programs need to be fuelled by accurate, consistent, and contextual data," said Jay Reilly, SVP - EMEA at Precisely. He further stated, "Our placement on G-Cloud 13 means public sector organizations can more easily access our portfolio of data integrity solutions, empowering them to make the confident decisions needed to improve the lives of citizens."
Precisely is the world's leading data integrity firm, serving 12,000 customers in over 100 countries, including 99 of the Fortune 100, by ensuring data consistency, context and accuracy in data. Precisely's data integration, quality, governance, location intelligence, and enrichment technologies help businesses make better decisions and accomplish better results.