Phunware Acquires Lyte Technology

Phunware, Inc. has executed a definitive agreement to acquire Lyte Technology in a transaction valuing up to $10.32 million in cash and stock (approximately $3.32M cash at closing with the remainder subject to time- and performance-based earnouts). The acquisition brings Lyte’s custom high-end computer systems business, team and distribution network into Phunware to support its blockchain initiatives and scale device-based infrastructure.