IoT Group to become first ASX-listed Internet of Things company

By @s_rituparna on
Australian Securities Exchange (ASX)
People walk past the Australian Securities Exchange (ASX) building in central Sydney October 20, 2008. Reuters/Daniel Munoz

Ardent Resources will acquire 100 percent ownership of IoT Group for AU$18.5 million. The new company will be known as Ardent IoT.

The IoT Group is expected to be listed on the Australian Securities Exchange by the end of 2015. The acquisition will make the Sydney-based wearables manufacturer the first ASX-listed Internet of Things (IoT) business.

“I am very excited about our impending deal with Ardent and I’m impressed with the calibre of our team who has made this a reality. This listing will be the first real opportunity for Australians to invest in the Internet of Things and wearable technology markets, and will be a great way for them to cash in on the boom of mobile devices, smart technologies and gadgets,” said Simon Kanto, IoT Chief Executive Officer.

Ardent Resources will fully takeover IoT and issue 696,428,571 fully paid “Consideration Shares” in Ardent on a pre-consolidation basis to IOT’s shareholders. As a result of the acquisition, the Ardent Board will go through major changes.

Mr Tiong Chiong Ee and Mr Lan Nguyen will be replaced by Mr Simon Kantor, investment banker Mr Richard Woods and Mr Ian Duffel, former President and CEO of Virgin Entertainment Group.  

Founded in 2014, IoT is a manufacturer of innovative wearable devices and Internet of Things consumer technology products. The Viper Phone Watch, an affordable smartwatch at AU$99, was the first device by IoT. It’s  available at 762 Coles supermarkets across Australia from September.

The company is in the process of developing a GPS safety smartwatch exclusively for children; a “selfie drone” and a smartwatch designed for professionals on the job. The company is also credited for developing Intervision, an innovative TV platform that offers smart TV boxes and subscription based streaming services.  

The company plans to produce mass market consumer technology devices priced under AU$300. In the near future, IoT aims to design devices and develop technologies in the home automation, smart clothing and holographic display systems. In May 2015, IoT was registered as a company, reports ZDNet.

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