FOMO CORP. has signed a definitive agreement to acquire SMARTSolution Technologies, Inc., a Pittsburgh-based audio-visual systems integration company that pioneered the use of interactive whiteboards in the classroom over the last 25 years.
SST customizes presentation technologies, teleconferencing and collaborative systems for meetings, presentations and instruction to students and executives. The Company is a multi-million-dollar revenue company that does business throughout the state of Pennsylvania, West Virginia and Ohio, and through this acquisition hopes to broaden its reach to other states. SST currently has a $2.5 million dollar backlog of contracts that are expected to close during the first quarter of 2022. SST today is running at a record level of business aided by over $500 billion of stimulus by the federal government.
Mitchell Schwartz, SST Founder: “This acquisition will allow us to take SMARTSolution Technologies to the next level, providing more turnkey solutions for its customer base. We are excited to join the FOMO ecosystem and see great upside on a standalone basis and through synergies derived from the FOMO family selling into our base of many years.”
Vik Grover, FOMO CEO stated: "There are substantial synergies from marrying our existing disinfection, smart lighting and energy management solutions to SST's embedded base. It is time to reopen the world. K12, universities and enterprises embedded in SST's 25-year customer base are obvious candidates for cross-sell. We are looking at rolling out a bundled offering to additional markets and exploring acquisitions of like businesses to propel us to the next level. A vision of mine is to offer robotic disinfection services to K12 which should propel the market to reopen if and when we prove it, and we have already paid for one such trial. We are in discussions with funders to close this transaction and other acquisitions on file, which can vault us to the next level. It is breakaway time."
