Taoping to acquire Skyladder Group for $21.4M

Taoping (TAOP) signed a share purchase agreement to acquire 100% equity in Skyladder Group valued at approximately RMB152M, or approximately $21.36M. Upon completion of this transaction, Taoping will wholly own Skyladder Group. The company will leverage AI technology to accelerate its growth as it expands the scope of its comprehensive smart elevator services and enhances its smart IoT strategy. The purchase price will be paid in the form of ordinary shares issued by Taoping, with performance-based targets. Shares will be proportionally unlocked or adjusted as Skyladder Group achieves or fails to achieve the targets. Upon completion, Taoping will integrate its own resources with Skyladder Group’s technological and channel advantages to accelerate the implementation of its smart elevator service business. Skyladder Group, through its wholly owned operating entities in China, deals in smart elevator services and an innovative practitioner of AI-powered smart supervision. Skyladder Group provides services throughout the entire elevator lifecycle.