China’s Luokung Technology Acquires eMapgo Technogies
Luokung Technology, a Chinese spatial-temporal big-data processing technology company, revealed that Geely Technology Group and Acuitas Capital have made strategic investments in Luokung through the purchase of preferred shares and common stock. The investment of $42.5 million from Geely prompted Luokung to complete the acquisition of 51 percent of eMapgo Technologies.
As a result, Luokung will immediately begin to consolidate the financial results of EMG, which will be reflected in the company’s fourth quarter and year-end financial results. Luokung anticipates receiving funding of up to $100 million from Acuitas to acquire the remaining equity of EMG. Thus, the Company expects to acquire the balance of EMG by the end of the year 2019.
The acqusition of EMG aims to provide the company with the opportunity to develop its business model from technology service provider to an integrated Artificial Intelligence (AI) spatial-temporal data service provider.