SKYX Platforms closes acquisition of Belami e-commerce

SKYX Platforms has closed the strategic acquisition of Belami e-commerce, an established lighting and home decor company with 64 websites, $88 million in revenues and $4.3 million in EBITDA in 2022.The acquisition of the strategic e-commerce lighting and home decor conglomerate will serve as a growth, marketing and educational platform for the significant lifesaving, cost saving, time saving and simplicity aspects of SKYX‘s platform technologies. This will provide new distribution channels to the retail and professional segments – including builders, architects and home designers. A majority of the purchase price of the acquisition was paid with the Company’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.