Phunware buys high-performance computer systems group Lyte Technology, Inc

Phunware, Inc CEO Alan Knitowski tells Proactive it has formally closed the acquisition of privately-held Lyte Technology, Inc, a fast-growing provider of high-performance computer systems, for a total consideration of cash and company common stock valued at up to approximately $10.98 million.

Knitwoski says the acquisition of Lyte enables Phunware to enter the high-performance personal computer market, its customers representing gamers, developers, content creators and crypto enthusiasts who will support the adoption, scale and infrastructure required for Phunware to deploy its decentralized data economy powered by PhunCoin and PhunToken.