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LONDON - Gorilla Technology Group Inc. (NASDAQ:GRRR), a technology company with revenue of $84.2 million and impressive 20% year-over-year growth, has entered into a definitive agreement to acquire CNS and its communication subsidiary CANS, two technology solution providers in Thailand, according to a press release statement. InvestingPro data shows analysts expect 34% revenue growth this fiscal year.
The transaction is expected to close in summer 2025, though financial terms were not disclosed. The company’s stock has shown strong momentum, with InvestingPro data revealing a remarkable 578% return over the past year. Subscribers can access 13 additional ProTips about GRRR’s performance and outlook.
The acquisition will expand Gorilla’s product portfolio with a mobile-first AI-powered customer engagement platform designed for distributed teams, telecom operators, call centers and public service agencies.
CNS and CANS, founded by CEO Praweena Saingam, have built AI systems across video analytics, network defense and intelligent mobile platforms. The companies serve over 200 businesses and operate across all 77 Thai provinces. Gorilla maintains a healthy financial position with a current ratio of 2.48 and operates with moderate debt levels, according to InvestingPro’s comprehensive research report, available to subscribers along with detailed analysis of 1,400+ US stocks.
"This is a strategic leap forward for Gorilla and for the advancement of AI in Asia," said Jay Chandan, Chairman and CEO of Gorilla Technology. "The addition of its mobile-first engagement platform will allow us to offer an AI-powered customer engagement infrastructure solution that is future-ready."
Gorilla plans to integrate CNS and CANS’s products into its global platform, including their mobility-first AI-powered engagement platform and CPU-optimized edge AI software for video analytics.
The acquisition represents another step in Gorilla’s expansion across Thailand and the broader Association of Southeast Asian Nations region, following previous digital infrastructure and AI deployments.
Gorilla Technology Group, headquartered in London, provides solutions in security intelligence, network intelligence, business intelligence and IoT technology across government, manufacturing, telecom and other sectors. With a market capitalization of $384 million and analyst consensus indicating strong growth potential, detailed financial analysis and Fair Value estimates are available through InvestingPro’s exclusive research platform.
In other recent news, Gorilla Technology Group Inc. has appointed Bruce Bower as its new Chief Financial Officer, effective June 1, 2025. Bower, who had been serving as Interim CFO, has been instrumental in restructuring the finance department and achieving compliance with the Sarbanes-Oxley Act. Additionally, Gorilla Technology announced the appointment of Satish Venkatesan as Chief Solutions Strategist for the Americas, aiming to enhance its strategy and partnerships in key regions like the U.S. and Brazil. Meanwhile, the company has been targeted by Culper Research, which accused it of misrepresenting various aspects of its business, including a purported $1.8 billion contract with Thailand’s Provincial Electricity Authority.
Gorilla Technology has not yet responded to these allegations, but the claims have led to a significant drop in investor confidence. In contrast, the company recently confirmed plans to proceed with a share buyback program, dismissing allegations by individuals facing SEC and DOJ charges as misinformation. This commitment to share buybacks and insider buying plans has been positively received by investors, as reflected in a 14% rise in the company’s stock. The company’s leadership remains confident in its business strategy and intrinsic value, despite the ongoing scrutiny.
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