Luokung Technology to acquire eMapgo to develop first spatial-temporal full-vector map in China

Luokung Technology has entered into an agreement to acquire 100 percent of the equity interests of eMapgo Technologies (EMG) from its original shareholders for $119 million approximately

Luokung Technology to acquire eMapgo to develop first spatial-temporal full-vector map in China
Luokung Technology to acquire eMapgo to develop first spatial-temporal full-vector map in China

Luokung Technology to acquire eMapgo to develop first spatial-temporal full-vector map in China

Interactive location-based services company Luokung Technology has entered into an agreement to acquire 100 percent of the equity interests of eMapgo Technologies (EMG) from its original shareholders for RMB 836 million (approximately equivalent to $119 million).

The acquisition money will be paid for about RMB 709 million in cash, and the remaining RMB 127 million to be paid by Luokung’s common stock at the conversion rate of $7 dollars per share. The agreement to acquire EMG is conditioned on, among other things, the company’s ability to raise the necessary financing to consummate the acquisition of EMG.

The company expects the completion of the acquisition will significantly increase its holding quantity of the underlying data, and to enhance its long-term sustainable production capabilities of the underlying data collection.

EMG’s mapping capabilities and its underlying database along with Luokung Technology’s SuperEngine spatial-temporal big data engine capability will serve as the company’s two core technology clusters to support services and applications in LBS, remote sensing data, networking, smart city, autonomous driving and other fields.

The integration of EMG’s underlying data and SuperEngine’s data engine will expand Luokung’s capability beyond the provision of technical prowess to much deeper and richer scenarios, thus provide it the ability to establish a complete set of solutions covering full upstream and downstream industrial chains.

In addition, Luokung expects to launch China’s first spatial-temporal full-vector non-tiled covering indoor and outdoor map, by combining the technology from its subsidiary, Yuanli Anda, a company with largest indoor geographic location data in China along with EGM’s underlying data, provide customized real-time dynamic location services for enterprises in various industries.

After the acquisition, EMG will continue to conduct its business activities independently and provide services to customers as a neutral mapping-company.