December 8, 2022
Rekor Finalizes Sale of Non-Core Business Unit
Rekor Systems, Inc. (NASDAQ: REKR) ("Rekor" or the "Company"), a global AI technology company with a mission to provide insights that build safer, smarter, and greener cities through intelligent infrastructure, announced today the closing of the sale of the Company's Automated Traffic Safety Enforcement ("ATSE") business to Altumint, an industry-leading provider of automated traffic law enforcement, traffic monitoring, and forensic investigations. The sale is the result of the Company's previously announced strategic shift towards prioritizing its core data services businesses.
"Rekor has evolved into a data service company, and the sale of our legacy ATSE business unit is another milestone toward our transformation into a higher margin technology and software-based business with our industry-leading solutions at the forefront of our offerings," said Robert A. Berman, President, and CEO, Rekor. "We will continue to evaluate opportunities to divest our non-core assets and maximize shareholder value while remaining an innovator within the intelligent infrastructure industry, which is at the epicenter of converging technology, societal, and economic forces driving disruption in the market."
"Our decision to divest our ATSE business unit demonstrates our disciplined approach to evaluating and focusing our resources on strategic growth in roadway data services, where we are an advantaged player," said Eyal Hen, CFO, Rekor. "We believe the Company is on a solid path towards increasing recurring revenue as our technology aggregates, transforms, and analyzes data from multiple sources and delivers actionable roadway insights as a service."
About Rekor Systems, Inc.
Rekor Systems, Inc. (NASDAQ: REKR) is a trusted global authority on intelligent infrastructure providing innovative solutions that drive the world to be safer, smarter, and greener. As a provider of comprehensive, continuous, and real-time roadway intelligence, Rekor leverages AI, machine learning, and holistic data to support the intelligent infrastructure that is essential for smart mobility. With its disruptive technology, the Company delivers integrated solutions, actionable insights, and predictions that increase roadway safety.
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