SEE ID, a startup at the forefront of asset intelligence technology, and ShoulderUp Technology Acquisition announced a definitive business combination agreement at an implied pro forma enterprise value of $130 million.
“This strategic alliance is set to catapult SEE ID into the public markets, heralding a new era of innovation, growth, and unparalleled market leadership,” the companies said in a joint statement.
The transaction is expected to be completed in the second quarter. If approved, after closing a newly formed parent company of SEE ID will become publicly traded and is expected to list on the Nasdaq under the symbol DAIC.
SEE ID offers a SaaS service “that is redefining the paradigms of asset intelligence, assurance, and safety,” the company said. “By harnessing the power of IoT tracking technology, SEE ID stands at the forefront of innovation, offering patented solutions that are not just advanced but transformative.”
SEE ID said it has pioneered a suite of technologies that empower organizations not only to streamline their logistics and supply chain processes but also bolster operational security.
ShoulderUp in December disclosed it has signed a letter of intent for a deal with a private information technology company.
The SPAC raised $300 million in a November 2021 IPO. Shareholders almost a year ago approved an extension, although redemptions connected with that measure removed about 86% of the SPAC’s cash in trust.
Rice Reuther Sullivan & Carroll, and Holland & Hart served as legal counsel to SEE ID. DLA Piper (US) served as legal counsel to ShoulderUp. Read more.
