SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a "Sky Technologies") SKYX, a platform technology company with more than 60 issued and pending patents globally with a mission to make homes and buildings become safe and smart as the new standard, announced today that it has closed the strategic acquisition of Belami e-commerce, an established lighting and home décor company with 64 websites, $88 million in revenues and $4.3 million in EBITDA in 2022.
The acquisition of the strategic e-commerce lighting and home décor conglomerate will serve as a growth, marketing and educational platform for the significant lifesaving, cost-saving, time-saving and simplicity aspects of SKYX's platform technologies, the company says. This will provide new distribution channels to the retail and professional segments — including builders, architects and home designers.
A majority of the purchase price of the acquisition was paid with the Company's common stock, reflecting an acquisition price of six times EBITDA, totaling approximately $26 million for 100 percent ownership. The cash portion for the closing was financed by major leading shareholders of SKYX. Owners and management of Belami, who are now SKYX shareholders, will remain with the Company after the acquisition to continue to run the successful business and integrate SKYX plug and play ceiling technologies into its product mix.
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said: "We are excited to close this strategic acquisition of an e-commerce company with 64 websites, which is expected to serve us on several fronts. The access to new distribution channels will serve as a marketing platform for us to enhance education and awareness of the lifesaving, cost saving and time saving aspects of our products - as well as of the smart features included in our award-winning plug and play ceiling products."
Steve Schmidt, President of SKYX Platforms, added: "This strategic acquisition will significantly advance our go-to-market channels as well as serve as a great marketing and product education platform. We expect that it will considerably accelerate distribution of our products to retail and professional segments, including to builders, architects and designers."