Back to Blog
Rekor Receives Acquisition Offer for Subsidiary AOC Key Solutions

Rekor Receives Acquisition Offer for Subsidiary AOC Key Solutions

Rekor
Rekor

Rekor Board of Directors to consider offer as the Company continues focus on divesting all non-core assets

Rekor Systems, Inc. (REKR) ("Rekor") ("Company"), a Nasdaq company focused on bringing smarter, faster, cost-competitive solutions to the worlds of smart cities, public safety and customer experience, acknowledged today it has received an offer of $4M to purchase its subsidiary AOC Key Solutions. The offer has been made by current AOC Key Solutions management. The Company is also currently in negotiations to sell another subsidiary, Team Global. Team Global is a Texas-based avionics engineering staffing company. The Company cannot assure that these transactions will be closed in a timely fashion or at all. Both subsidiaries are no longer core to the strategic direction adopted by the Company's Board of Directors and announced last year.

During 2019, the Company acquired substantially all of the assets of OpenALPR Technologies, Inc. and increased its focus on its Technology Segment, concentrating on the development of products and services using proprietary systems designed using artificial intelligence techniques, such as machine learning and deep learning data analysis, to address complex issues in the areas of public safety, customer experience and smart cities. Rekor's current suite of solutions includes its industry leading vehicle recognition software in use today in more than 70 countries by hundreds of customers - including some of the world's largest companies and governments. In addition to these products and services, the Company is currently developing further product and service expansions in the public safety, transportation, customer service and residential markets worldwide.

"AOC Key Solutions was the anchor for a completely different business model," said Robert A. Berman, President and CEO, Rekor. "Given our current strategic direction, we believe that divestiture of non-core assets is a logical step in maximizing shareholder value. We are continuing our transformation into a 100% technology and software-based business. As such, the Board of Directors will evaluate both the price and the timing of the proposed transaction."

AOC Key Solutions is a consulting firm founded in 1983 specializing in proposal management and writing, capture management, and market assessment services for government contractors. The company has helped clients to win more than $175B in government contracts using its KSI© Advantage process.

More from the Blog

Rekor’s Vehicle Recognition Solutions Selected by Mt. Juliet Tennessee Police Department to Increase Public Safety After Successful Test Caught Wanted Fugitive

January 8, 2020

Rekor’s Vehicle Recognition Solutions Selected by Mt. Juliet Tennessee Police Department to Increase Public Safety After Successful Test Caught Wanted Fugitive

Rekor Systems, Inc. (REKR) ("Rekor"), a Nasdaq company focused on bringing smarter, faster, cost-competitive solutions to the worlds of public safety and customer experience, announced today it has been selected by the City of Mt. Juliet, Tennessee ("the City") and the Mt. Juliet Police Department ("MJPD") to provide robust vehicle recognition solutions. The City and MJPD selected Rekor to roll out the community's Automated License Plate Recognition ("ALPR") program which the department is terming, "Guardian Shield." The Guardian Shield program was initiated to enhance the community's safety by providing an additional tool to further protect and shield residents and visitors from criminals who enter the City to cause harm.

Read Story
Rekor Selected by the United States Air Force to Deploy Vehicle Recognition Solutions for Enhanced Base Security

October 17, 2019

Rekor Selected by the United States Air Force to Deploy Vehicle Recognition Solutions for Enhanced Base Security

Rekor Systems, Inc. (REKR) ("Rekor") (the Company) a Nasdaq company focused on bringing smarter, faster, cost-competitive solutions to the worlds of public safety and customer experience, announced today it has been selected by the United States Air Force to deploy its industry leading vehicle recognition system within a western United States base.

Read Story
Rekor Launches New Visual Identity

May 5, 2020

Rekor Launches New Visual Identity

Rekor (Nasdaq: REKR, the Company), a Maryland-based company using AI to provide real-time roadway intelligence, announced today it has unveiled a new visual identity. The new visual identity signals the execution of its business plan and a go-to-market strategy that enables its clients to make faster, better informed decisions through the use of the Company’s AI-based technology. The Company’s web site has changed to www.rekor.ai where a new corporate video and overview are available.

Read Story

Learn how Rekor can help.

Sign up for our newsletter to receive updates.