Strategic Acquisition by NextPlat to Drive Growth in Technology E-Commerce Sector

Written by Copernical Team Thursday, 28 March 2024 20:55

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Los Angeles CA (SPX) Mar 27, 2024

In a strategic move to enhance its foothold in the North American market, NextPlat Corp (NASDAQ: NXPL, NXPLW), a leader in global e-commerce, has announced its acquisition of Outfitter Satellite Inc., a provider of sophisticated satellite-based connectivity solutions. This all-cash deal, set to finalize on April 1, 2024, marks a significant milestone for NextPlat, promising to more than double i

Strategic Acquisition by NextPlat to Drive Growth in Technology E-Commerce Sector
by Clarence Oxford
Los Angeles CA (SPX) Mar 27, 2024

In a strategic move to enhance its foothold in the North American market, NextPlat Corp (NASDAQ: NXPL, NXPLW), a leader in global e-commerce, has announced its acquisition of Outfitter Satellite Inc., a provider of sophisticated satellite-based connectivity solutions. This all-cash deal, set to finalize on April 1, 2024, marks a significant milestone for NextPlat, promising to more than double its technology e-commerce product sales and recurring revenue within the region.

Outfitter Satellite Inc., operating out of Nashville, Tennessee for over 20 years, has been a trusted source for consumers, as well as commercial and government entities, offering products from top-tier satellite connectivity brands like Iridium, Inmarsat, and Globalstar. The acquisition by NextPlat is poised to bring immediate financial benefits and operational synergies, significantly enhancing the company's profitability and expanding its distribution and operational capacities in North America. The integration of Outfitter's operations into NextPlat's global e-commerce platform is anticipated to not only broaden its product range but also facilitate its entry into international markets.

Charles M. Fernandez, Executive Chairman and CEO of NextPlat Corp, emphasized the strategic fit of Outfitter within NextPlat's technology e-commerce portfolio, noting the acquisition's potential to rapidly and profitably scale the company's North American operations. This move aligns with NextPlat's growth strategy, which includes diversifying its business offerings in the technology and healthcare sectors both domestically and internationally.

David Phipps, President of NextPlat and CEO of Global Operations, highlighted the growing consumer and commercial demand for connectivity solutions, especially in vast markets like the United States where NextPlat previously had limited exposure. Phipps expressed enthusiasm about collaborating with the Outfitter team to leverage NextPlat's global e-commerce platform, aiming to enhance customer support and drive significant new growth in technology e-commerce for the company.