Lyte Technology is specialized in marketing and distributing custom, high-end computer systems with advanced graphic processing units for gaming, streaming, and cryptocurrency mining.
The accretive deal sees up to a $10.32M total purchase price in cash and stock, with $3.32M cash at closing and the remaining $7.00M subject to both time and financial performance requirements for the one year post-closing.
The acquisition is expected to close in the next 30 to 45 days, subject to satisfying customary closing conditions.
“We are extremely excited to announce our first acquisition since going public, adding not only talent and profitable revenue to our P&L, but also a key strategic distribution network for our blockchain initiatives,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware (NASDAQ:PHUN).