Taoping Signs Non-Binding Letter of Intent to Acquire Chinese Smart Elevator Solutions Company

Taoping Inc. has signed a non-binding letter of intent to acquire 100% of Shenzhen Yunti Internet of Things, a Smart elevator solutions provider, Stock Titan is among outlets to report. Founded in 2016, Yunti offers end-to-end smart elevator solutions and operates two core platforms: the SaaS (Software as a Service)-based Tishibao elevator management Cloud service and Tishibang, China’s first private market elevator internet service platform. If the acquisition happens, it is expected to open new revenue growth opportunities for Taoping while further consolidating and expanding the company’s market share in the elevator equipment and service industry, StreetInsider.com reports. The transaction is subject to due diligence, definitive agreement, board approval and regulatory clearances with an expected closing timeline of 12 months.