Arbe Robotics Ltd., a provider of next-generation 4D Imaging Radar solutions, and Industrial Tech Acquisitions, Inc. (NASDAQ: ITAC), a publicly-traded special purpose acquisition company (SPAC), have announced that they have entered into a definitive business combination agreement. Upon closing of the transactions, the combined company is expected to be listed on Nasdaq under the new ticker symbol “ARBE”.
Founded in 2015, Arbe has introduced the world’s first ultra-high resolution 4D Imaging Radar. Its technology is suitable for every level of vehicle autonomy.
The transaction values Arbe at a post-money pro forma enterprise value of approximately $572 million.
Following the completion of the acquisition, Arbe is expected to retain its experienced management team, with Kobi Marenko as CEO, Noam Arkind as CTO, Ram Machness as Chief Business Officer and Danny Klein as CFO.
Kobi Marenko, Chief Executive Officer of Arbe, says: “We expect that the proposed combination of Arbe and Industrial Tech will allow us to bring our vision to reality, creating an autonomous future driven by outstanding, truly safe, commercially viable 4D Imaging technology. We are extremely excited by the opportunity to partner with ITAC, and we expect that ITAC’s significant experience in building and investing in disruptive technology companies will help bring our groundbreaking technology to a broader market.”
Scott Crist, Chairman and CEO of Industrial Tech, adds: “Arbe is the market leader with a first mover advantage in ultra-high resolution 4D Imaging Radar technology. The Company is at an exciting inflection point, with a technology platform that is an order of magnitude superior in terms of performance and efficiency. We expect that Arbe’s projected high-growth and high-margin fabless business model, with outsourced manufacturing, will provide a high level of scalability, positioning the company for commercial success in the automotive, industrial, and new mobility markets. We are very excited about the opportunity to partner with the company’s leadership team, who have a demonstrated track record as public company executives, and who have built a technology business poised for market leadership and scale.”
The transaction, which has been unanimously approved by the board of directors of both Arbe and Industrial Tech, is expected to close in the late Q2 or early Q3 of 2021. Founded in 2015, Arbe has offices in Israel and the U.S.