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NEW YORK - Veea Inc. (NASDAQ:VEEA), a leader in edge computing and artificial intelligence (AI) solutions, today announced the acquisition of technology assets from Crowdkeep Inc., a developer of enterprise Internet of Things (IoT) platforms. The deal, which includes an exchange of Veea’s common stock and other considerations, aims to integrate Crowdkeep’s technology with Veea’s Edge Platform to enhance capabilities in workplace operations management across various sectors. According to InvestingPro data, Veea, currently valued at $65.59 million, has seen its stock surge 18.42% over the past week, though the company faces financial challenges with a weak health score of 0.89.
Crowdkeep’s IoT platform is known for enabling real-time data collection to streamline critical operations in environments such as schools, hospitals, and manufacturing centers. By combining this platform with Veea’s Edge Platform and VeeaHub products, the acquisition will allow for improved asset tracking, equipment monitoring, and worker management through edge AI technology. This strategic move comes as Veea faces significant operational challenges, with InvestingPro analysis showing a 98.44% revenue decline and a concerning current ratio of 0.74, indicating potential liquidity constraints.
The strategic move is expected to strengthen Veea’s market position by expanding its end-to-end solution offerings, which include AI-driven cybersecurity and cloud-based data analytics. The integration will provide customers with real-time insights and actionable data at the edge, enhancing decision-making and safety with predictive intelligence. With Veea’s next earnings report due in 7 days, investors seeking deeper insights into the company’s financial health and growth prospects can access additional analysis through InvestingPro, which offers exclusive access to over 10 additional ProTips and comprehensive financial metrics.
Helder Antunes, CEO of Crowdkeep and a member of Veea’s board, will join Veea’s management team as Executive Vice President and Chief Revenue Officer. Antunes brings over two decades of experience from Cisco Systems and was the founder and first Chairman of the OpenFog Consortium.
Veea’s CEO, Allen Salmasi, highlighted the significance of the acquisition, stating that it underscores the company’s mission to unlock the full potential of edge computing and AI. Antunes also expressed confidence in the combined capabilities of both companies to provide unique solutions for managing today’s workplace.
The acquisition is seen as an important step for Veea in its pursuit to bridge the gap to a more connected, secure, and intelligent world. It is intended to accelerate product innovation, expand capabilities and addressable markets, and deliver capabilities believed to be unparalleled by current platforms.
This press release contains forward-looking statements and is based on certain assumptions and expectations of future events. The forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results to differ materially from those
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