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Mobile App Development Platform Supports Digital Workplace Transformation, Events Management and Integrated Employee Experience to Meet Demands for the Future of Work
PALO ALTO, Calif., May 3, 2021 /PRNewswire/ -- Inpixon (Nasdaq: INPX), the Indoor Intelligence™ company, today announced it has acquired the outstanding capital stock of Design Reactor, Inc. (a.k.a., "The CXApp"), a leading SaaS app platform. The CXApp enables corporate enterprise organizations to provide a custom-branded, location-aware employee app focused on enhancing the workplace experience and hosting virtual and hybrid events. The acquisition is expected to be accretive to revenue and earnings. Leon Papkoff, founder of The CXApp, joins Inpixon as executive vice president leading Inpixon's CXApp Division.
Inpixon and The CXApp have recently partnered on several enterprise engagements and are seeing strong demand for applications that enable smarter, safer and more secure workplaces. Businesses and employees are experiencing a paradigm shift in what it means to "go to work" and how employees interact with one another and the physical spaces that make up the workplace. The combined offerings and expertise of the companies provides customers with access to an unparalleled suite of complementary products, giving employees the ability to manage different types of workplace scenarios from their personal devices, and to have access to smarter, location-aware experiences. To meet the demand for rapid deployment, more than 75 pre-built integrations with third-party solutions are available, including Active Directory, Exchange, G-Suite, Zoom and Slack.
With this acquisition, the two companies believe they will be able to move quicker and innovate faster than others in the space in order to capture a significant share of the global digital workplace market which is expected to grow from $22.7 billion in 2020 to $72.2 billion by 2026 at a CAGR of 21.3%, and the global event management software market which is forecasted to grow from $3.6 billion in 2020 to $6.4 billion by 2026 at a CAGR of 10.0% according to research firm MarketsandMarkets.
"This acquisition of The CXApp and its fusion with Inpixon's products, immediately with mapping and on-device positioning and in the near term with our sensors and tags, is a transformative step to grow our business significantly," said Nadir Ali, CEO of Inpixon. "Due to the increasing need for technologies that can support the changing demands of a hybrid workplace, The CXApp has experienced over 73% in revenue growth in 2020 as compared to the prior year and an even greater increase in demand and pipeline growth, and we are seeing this rapid growth rate continue into 2021. As a combined solution, Inpixon expects to see an increase in average selling price (ASP) by 10x over its existing mapping products currently offered to enterprise organizations, which we anticipate will result in substantial revenue growth. The CXApp's platform for multi-location, live-streamed and on-demand events is another key market need addressed by Inpixon as a result of the acquisition. Leveraging The CXApp's event management platform for the booming hybrid events category could further increase the expected revenues and help us to achieve added valuation metrics for this product line reflective of events companies recently, such as Hopin and Bizzabo."
Leon Papkoff, EVP, Inpixon's CXApp Division, stated, "With nearly one million end-user profiles deployed globally across a dozen countries, The CXApp has pioneered workplace technology for the last six years, leading innovative experiences across employee engagement, office solutions, and desk booking technology for Fortune 500 and other enterprise customers in high tech, healthcare, media, retail, and financial services. We are pleased to have joined Inpixon, and we look forward to continuing the mutual success with our great ecosystem partners as we help businesses bring their employees back to the office in a safe and efficient manner that carries over well beyond the pandemic."
Soumya Das, COO of Inpixon, commented, "Inpixon is an innovator in the Indoor Intelligence space. We believe we were first to market with RF sensor fusion including UWB, Wi-Fi, BLE and cellular detection and positioning, displaying simultaneous RF and video integration, and incorporating artificial intelligence into positioning analytics. We've continued that leadership with our integration of indoor mapping and on-device blue dot tracking, and we recently added augmented reality – a technology with the potential to favorably disrupt the market – to our portfolio to support more immersive user experiences. And now with The CXApp, we can offer what we believe is the market's only enterprise-class SaaS-based mobile app platform for workplace transformation and events management with deep integration of advanced mapping and positioning capabilities. We welcome The CXApp employees, customers and partners to the Inpixon team and look forward to continuing to fulfill our mission to do good with indoor data."
Answers to frequently asked questions about this announcement can be found on the FAQ available here.
The acquisition consists of a purchase price that includes a combination of cash and equity. For additional details concerning the terms of the transaction, please reference the Company's current report on Form 8-K which will be filed with the U.S. Securities and Exchange Commission.
About The CXApp
The CXApp is a mobile solution for digital workplace experience, built on a SaaS platform, driving mobile-first engagement through personalized and connected on-site journeys. The CXApp is a leading mobile app platform that can be customized and deployed across all of an organization's locations, buildings, and programs year after year. The CXApp streamlines all digital touchpoints across the workplace into one central hub. For more information, visit thecxapp.com.
Inpixon® (Nasdaq: INPX) is the Indoor Intelligence™ company that specializes in capturing, interpreting and giving context to indoor data so it can be translated into actionable intelligence. The company's Indoor Intelligence platform ingests diverse data from IoT, third-party and proprietary sensors designed to detect and position active cellular, Wi-Fi, UWB and Bluetooth devices. Paired with a high-performance data analytics engine, patented algorithms, and advanced mapping technology, Inpixon's solutions are leveraged by a multitude of industries to do good with indoor data. This multidisciplinary depiction of indoor data enables users to increase revenue, decrease costs, and enhance safety. Inpixon customers can boldly take advantage of location awareness, analytics, sensor fusion and the Internet of Things (IoT) to uncover the untold stories of the indoors. For the latest insights, follow Inpixon on LinkedIn, Twitter, and visit inpixon.com.
Safe Harbor Statement
All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Inpixon and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the fluctuation of economic conditions, the impact of COVID-19 on Inpixon's results of operations, Inpixon's ability to integrate the products and business from The CXApp and other recent acquisitions into its existing business, the performance of management and employees, the regulatory landscape as it relates to privacy regulations and their applicability to Inpixon's technology, Inpixon's ability to maintain compliance with Nasdaq's minimum bid price requirement and other continued listing requirements, the ability to obtain financing, competition, general economic conditions and other factors that are detailed in Inpixon's periodic and current reports available for review at sec.gov. Furthermore, Inpixon operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Inpixon disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
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