Borqs Completes Sale of Core Businesses to Sasken for US$40 Million

Borqs Technologies, Inc., a leader in IoT software and product solutions, has completed the sale of its core business units to Sasken Technologies, Ltd., an Indian digital transformation services specialist. The US$40 million transaction includes Borqs' embedded software design and customized hardware manufacturing divisions, which are integral to its Internet of Things (IoT) activities. The sale aims to enable Sasken to bolster its service offerings, particularly in IoT and related technologies. Borqs intends to use the proceeds to delve into emerging AI opportunities and tech investments. This acquisition will allow Sasken to enhance its capabilities in designing and commercializing connected devices by leveraging Borqs’ innovative solutions and strategic alliances. The transaction is poised to provide Sasken an edge in high-demand sectors such as automotive, satcom, consumer electronics, and 5G. Key personnel transitions are part of the deal, with Borqs India Managing Director Hareesh Ramana joining Sasken to facilitate integration. The acquisition is also expected to strengthen Sasken's portfolio and competitive stance in the market.