IoT connectivity firm KORE has reported preliminary first quarter fiscal 2021 revenue results, marking double-digit year-over-year growth as it approaches its public listing.

“Our record first quarter revenue and ongoing strong financial performance demonstrate that customers value the benefits of partnering with a single provider who enables them to deploy, manage and scale IoT,” said KORE CEO Romil Bahl. “We’re in the early stages of an IoT revolution that is changing the way businesses and organisations operate, and we remain focused on executing our proven strategy to drive superior returns.”

The company announced first quarter ended March 31, 2021, preliminary revenue results of $55.3m. The opportunity to cross-sell and upsell its installed base of 3600 enterprise customers remains a key growth driver and this has fuelled momentum at the end of the quarter with a significant new IoT order received from the company’s largest customer.

Fulfilling its promise to simplify the deployment of end-to-end IoT, KORE made its Critical Asset Monitoring offering available in AWS Marketplace during the first quarter.

This comes at a time when the global supply chain is stressed. Powered by Sony Visilion, Critical Asset Monitoring enables businesses to visualise and mitigate the risks associated with global, multi-modal supply-chain operations and certifies chain of custody.

The IoT industry has taken notice of the position KORE has established. In the first quarter of 2021, the company was recognised for its completeness of vision and ability to execute being named by Gartner as a leader in the 2021 Magic Quadrant for managed IoT connectivity services. This honour represents the second consecutive year it has significantly advanced up and to the right of the leaders’ quadrant. Additionally, IoT Breakthrough Awards selected its eSIM device validation tool for innovation of the year.

The company continues its march towards an anticipated third-quarter public listing through a merger with Cerberus Telecom Acquisition Corp (CTAC), a special-purpose acquisition company affiliated with Cerberus Capital Management. On March 12, KORE announced its intention to list on NYSE through a merger with CTAC, and on April 8, CTAC filed an S-4 with the SEC in connection with the merger. On May 14, CTAC filed a revised S-4. The CTAC shareholder meeting on the proposed merger is expected to take place in July, subject to the SEC concluding its review of the revised CTAC S-4.

“KORE services very sticky customers in a dynamic market that is projected to reach approximately $1tn in the next four years,” said Tim Donahue, CEO of CTAC and former executive chairman of wireless giant Sprint Nextel. “The company’s top-notch management team has delivered on their promises and driven growth, consistently. Couple that quality leadership team with a company that has real revenue and you’ll come to the same conclusion I did: KORE can go to the next level, if not more.”