SKYX Closes Strategic Acquisition; Now Owns Nearly Half of U.S. Lighting Websites

Disruptive platform technology company, SKYX Platforms (Nasdaq: SKYX), now owns nearly half of all US lighting websites following the closing of a strategic acquisition.

SKYX has acquired Belami Ecommerce, a profitable lighting and home decor conglomerate with 64 websites, $88 million in revenues and $4.3 million in EBITDA in 2022. The acquisition is expected to enhance SKYX’s cash flow and accelerate the company’s product distribution and time to market.

Highlights

A majority of the purchase price of the acquisition was paid with SKYX’s common stock, reflecting an acquisition price of 6 times EBITDA, totaling approximately $26 million for 100% ownership.

The cash portion for the closing was financed by major leading shareholders of SKYX.

Owners and management of Belami, who are now SKYX shareholders, will remain with the company after the acquisition to continue to run the successful business and integrate SKYX plug and play ceiling technologies into its product mix.

The acquisition is expected to accelerate the company’s go-to-market for its plug and play safe and smart ceiling platform products with retail and professional segments including builders, architects and designers.

About SKYX

SKYX Platforms Corp. has developed a series of highly disruptive advanced-safe-smart platform technologies and holds more than 60 U.S. and global patents and patent pending applications. The company’s technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. For more information, please visit https://SKYXPlatforms.com or follow SKYX on LinkedIn.