The acquisition will expand Verizon's robotic capabilities to power the future of robotic automation for enterprise customers

Today, Verizon announced it has entered into a definitive

agreement to acquire incubed IT, the creator of a software platform providing
autonomous navigation tools to administer, manage and optimize mixed fleets of robots
in industrial settings.

"This acquisition further demonstrates Verizon's commitment to developing new
and innovative businesses and use cases leveraging the power of 5G," said Rima
Qureshi, Chief Strategy Officer at Verizon. "Mobile robot orchestration is a real and
emerging challenge faced by enterprises today. By integrating incubed IT's autonomous
software with Verizon's 5G platform, we will have the ability to power robotic automation
at scale. This will create new opportunities for enterprise customers to better and more
effectively monitor and optimize their business processes."

Upon closing and as Verizon continues to expand its 5G coverage, capacity, and
mobile edge compute capabilities, incubed IT's autonomous software will enable
enterprise customers to gain new efficiencies as they scale their autonomous mobile
robot fleets.

incubed IT's award-winning software enables robots to localize and navigate
autonomously and can be easily integrated into nearly any mobile robot. Their products
include:

- Smart Shuttle Navigation Toolkit: Transmits near real-time data to
navigate autonomous mobile robots (AMRs)
- Fleet Management Server: Manages AMR Fleet & Routing Operations
- Data Monitoring & Analytics: Near real-time monitoring and advanced
reporting

"incubed IT's next-generation software and autonomous fleet management
server are foundational components for the future of terrestrial robotics," said Elise
Neel, Vice President of Verizon New Business Incubation. "When we combine incubed
IT's capabilities with the reliability, responsiveness and vast capabilities of Verizon's 5G
platform, we will enable faster, less expensive and more effective adoption of robotic
automation for enterprises everywhere."

incubed IT's employees will join the Verizon New Business Incubation team,
whose mission is to scale new automation businesses, fueled by the inherent
orchestration power of 5G. The incubed IT team will continue to drive development,
sales and support for its customers and suite of products across an impressive fleet of
diversified robotic partners.

"We are proud of all the incubed IT team has accomplished to get us to this point,
and we look forward to expanding on our successes and capabilities," said Stephan
Gspandl, incubed IT CEO. "By joining the Verizon team, we have the opportunity to
bring our software to broader audiences and to help create the future of robotic
automation."

The transaction is subject to customary closing conditions and is expected to
close in the first half of 2021.