- Bright Machines, an industry leader in intelligent, software-defined manufacturing, and SCVX (NYSE:SCVX), a special purpose acquisition company, announced today that they have entered into a definitive merger agreement that will result in Bright Machines becoming a publicly listed company.
- Bright Machines offers an innovative approach to manufacturing automation by combining proprietary software with adaptive hardware to automate repetitive tasks, enabling manufacturers to quickly deploy flexible, autonomous production lines that can scale based on market demand.
- Bright Machines has doubled revenue each year since its inception in 2018 and is currently projecting a 5-year CAGR (2020-25) of over 84%.
- The transaction values Bright Machines at a pro forma enterprise value of $1.1 billion and a post-transaction equity value of $1.6 billion. The transaction is expected to provide up to $435 million in gross cash proceeds, including $230 million of cash held in trust from SCVX and a PIPE of $205 million. PIPE investors include XN, Hudson Bay Master Fund Ltd., SB Management Limited (a subsidiary of SoftBank Group Corp and manager to SB Northstar LP), Fidelity Management & Research Company LLC, and Alyeska Investment Group.
- Bright Machines intends to use the funds to accelerate the Company’s growth, which includes expansion into new markets and development of additional value-added software in areas such as production analytics and quality inspection.
- Current Bright Machines shareholders, including Eclipse Ventures, Lux Capital, and BMW i Ventures, will roll 100% of their equity into the combined company.
- Upon completion of the merger, Bright Machines intends to trade under the ticker symbol “BRTM”.
- Investor webcast and conference call to be held on May 17, 2021, at 8:00 am ET, with details below.
Where Cloudflare Stands With Analysts
Over the past 3 months, 9 analysts have published their opinion on Cloudflare (NYSE:NET) stock. These analysts are typically employed by large Wall Street banks and tasked with understanding a company's business to predict how a stock will trade over the upcoming year.
