Veea Acquires Virtuosys to Bolster Edge Computing Platform, Advancing IoT-Enabled Devices and Smart Applications

Next Generation Edge Platform Deployable in Any Environment, from Industrial IoT to Smart Cities and Smart Retail

NEW YORK and BATH, England -- June 13, 2018 -- Veea Inc., a global leader in smart applications, today announced the acquisition of the UK-based Virtuosys Ltd. ("Virtuosys"), a company delivering Smart network solutions at the network edge. Following the closing, Virtuosys will become a wholly owned subsidiary of Veea and will change its name to Veea Systems Ltd. ("Veea Systems").

Both companies have been collaborating for some time on Internet of Things (IoT) devices, gateways and smart applications that are seeing widespread adoption in consumer and business environments, which is estimated to be on the order of 31 billion connected things worldwide by 2020.

Virtuosys' Managed Edge Application Platform incorporates an intelligent edge server ("VeeaHub") that delivers cloud capabilities out to the edge, changing the economics and efficiencies of edge computing for a wide range of vertical markets. This acquisition provides for a groundbreaking platform that intelligently connects everyone and everything, that is IoT-enabled, while making it possible for commercial and social connections to become contextual and relevant more efficiently.

With the VeeaHub platform, businesses have access to:

• Smart applications for retail, transportation, buildings, campuses, factories, healthcare, cities and more supported by indoor and outdoor versions of VeeaHub product and platform services
• An intelligent Linux edge server with a first-in-class unified wireless and wired computing mesh ("vMesh") that supports all commonly used wireless communications protocols
• Advanced edge computing that brings together state-of-the-art communications and virtualized application environments that create a price-performance advantage for IoT applications
• A powerful embedded server that can run software applications dynamically at business locations and in the cloud. In addition, the server also provides 4G data failover services, LAN router/firewall and VPN services, IoT gateway/firewall as well as Bluetooth beacon support for applications
• Applications such as private and guest WiFi with an enterprise-class AP, music and video streaming applications, proximal marketing, multi-room PA system, multi-site video training services, private secure messaging, IoT automation services, indoor and outdoor positioning supporting footfall analytics, heat maps and dwell times, workforce management, machine learning and artificial intelligence

Virtuosys has already become established in the Smart Rail market, as it was selected by the UK's Department for Transport for a rail innovation project. Along with Angel Trains, it is demonstrating the power of edge computing solutions by providing improved onboard services while enabling IoT technologies that deliver new capabilities and applications for passengers, rail staff and operators.

"Veea is currently in pilot trials of one of the most advanced solutions for Smart Retail and Smart Hospitality that enables retailers and hospitality establishments to run their applications dynamically and most efficiently at their retail locations and/or in the cloud, putting the benefits of all forms of commonly used wireless communications, IoT and edge computing into retailers' hands in an easy, scalable and secure way," said Allen Salmasi, CEO of Veea. "Together, we're enabling easy integration of smart applications to streamline processes, lower operational costs, collect and leverage insights and build customer engagements in new ways. This acquisition supports our mission to put businesses in a position to comfortably embrace IoT-enabled devices and catapult into the connected future."

"We are now in a position to bring a fully integrated end-to-end solution to meet the unique requirements of our customers in Smart Transportation, Smart Retail, Smart Building and Smart Campus verticals in multiple pilot trials of the VeeaHub platform, either planned or being conducted in the U.S., the U.K., South Korea, France and other countries," said Alan Jones, Virtuosys CEO. "We have been working with the Veea team for some time and we're incredibly excited about the unique market opportunities that our combined resources can offer to a growing number of industries that are recognizing the limitations of the cloud and are increasingly looking to the promise of edge computing."

Veea also offers a suite of smart retail solutions, which include the:

• VeeaPOS Point of Sale (POS) platform and applications for retailers, mobile vendors, service providers and hospitality venues.
• VeeaPay payment services that support all major credit cards and methods of payments including contact, contactless and cardless payments (Apple Pay, Google Pay, Samsung Pay, Alipay and WeChat Pay) with competitive rates.
• VeeaConnect merchant application is an end-to-end solution to connect businesses with their customers with ease and provide staff management, payment services, proximity-based waitlists, promotions, deals management and product catalog.
• Veea consumer application is a mobile companion to VeeaConnect app for discovering local businesses, community content, shared experiences, interactive services, personal event planning and unlockable rewards. It is available in the iOS App Store and the Google Play Store.

For additional information about Veea Inc., visit www.veea.com.

About Virtuosys

Virtuosys is changing the economics and efficiency of edge computing. Its revolutionary Edge Application Platform is a complete end-to-end hardware and software solution that not only brings high performance distributed computing close to the edge but is designed to support multiple applications running simultaneously. This highly secure, easy-to-deploy, self-healing platform brings together distributed computing, state-of-the-art communications and virtualized application environments, creating a hyper-converged edge with a price-performance advantage.

About Veea Inc.

Veea is a Platform-as-a-Service (PaaS) company with a suite of innovative products and services for Smart applications. Veea's platform include an intelligent edge server similar to a WiFi access point, but with the ability to run software applications at customer premises, 4G data failover services with CloudSIM along with highly differentiated iOS and Android-based mobile applications for businesses and their customers. Veea also offers Point of Sale (POS) applications and its unique payment services to merchants, service providers and hospitality venues along with highly customized applications, including streaming applications. Veea is headquartered in New York City with several offices in the US, Europe and Asia, and is run by an experienced management team including former senior executives of leading technology, payments and telecom companies. https://www.veea.com/