Cemtrex (CETX) Closes in on Key Acquisition

We recently published 10 Best SaaS Stocks Trading at a Discount.  Cemtrex, Inc. (NASDAQ:CETX) is one of the best Saas stocks trading at a discount.

Cemtrex, Inc. (NASDAQ:CETX) is a technology company that operates in the SaaS industry through its security business, Vicon, which provides video management software. The firm made a key set of announcements on December 11th when it revealed that it was nearing the close of an acquisition of a Texas aerospace and defense engineering company. Cemtrex, Inc. (NASDAQ:CETX) added that it had decided to terminate the acquisition of a robotics integration firm. At the same time, it outlined that it had signed an LOI to acquire an industrial services business in Tennessee.

Cemtrex, Inc. (NASDAQ:CETX) also discussed its Vicon business in the update. The firm shared that it had started to ship units of its NEXT product line. Cemtrex, Inc. (NASDAQ:CETX)’s NEXT products are AI-powered modular cameras that seek to reduce installation times. They also provide analytics capabilities on the edge, and as part of its update, Cemtrex, Inc. (NASDAQ:CETX) added that it committed to Vicon’s “long term transformation through its software and AI-enabled offerings.” The firm also issued a little under 4.8 million shares on December 11th. The purpose of the issuance was to meet certain debt requirements and raise capital. Cemtrex, Inc. (NASDAQ:CETX)’s acquisition of Texas-based Invocon will bolster the firm’s presence in the aerospace and defense industry.

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Disclosure: None. This article is originally published at Insider Monkey.