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Ouster and Velodyne are two of the leading lidar technology companies based in the United States. The two have teamed up and announced the completion of their merger to create a powerhouse in the lidar business sector.
Ouster and Velodyne’s partnership is also being seen as equivalent to the acceleration of lidar adoption in various industries. They announced the successful completion of their merger deal on Monday, Feb. 13.
With their combined companies, their lidar business will eventually have more than 850 customers that include different sectors such as industrial, automotive, smart infrastructure businesses, and robotics. Additionally, they now boast of having a powerful product portfolio of cutting-edge hardware and software solutions plus top-tier engineering and commercial team units.
As per CNBC, Ouster will retain its name and will continue to trade using its ticker “OUST” ticker symbol. It also expects to retain its 350 employees who are working in its HQ located in San Francisco and key offices in Europe, the Americas, and Asia-Pacific.
In any case, with the merger deal, Ouster is hoping to drive notable cost synergies and value creation for the integrated companies and their stakeholders. Its shares closed at about 10% down on Monday and shareholders of Velodyne just approved the deal on Friday, Feb. 10.
“We are thrilled to have completed the merger with Velodyne so quickly, further boosting our financial position and our ability to accelerate lidar adoption,” Ouster’s chief executive officer, Angus Pacala, said in a press release. “Together, we have an even stronger team backed by a healthy balance sheet, new channel partners, and a wide selection of positive-margin products to serve a diverse set of customers and win more deals than ever before.”
The CEO added, “We expect our innovative digital lidar roadmap, amplified by exciting new software solutions, to further expand our serviceable market and catalyze growth across the business.”
