Gorilla Technology Group, a leading edge analytics AI solution provider headquartered in Taiwan, will become a publicly-traded company on Nasdaq through the merger with Global SPAC Partners, a special purpose acquisition company (SPAC).

The transaction is expected to close by the end of Q1 2022, which is subject to shareholder and regulatory approvals. After the close of the transaction, the combined company, under the name Gorilla Technology Group, is expected to trade under the symbol "GRRR" on Nasdaq.

The deal values Gorilla at a pro forma enterprise value of about $708 million. It provides up to $169 million in gross proceeds from cash held in Global's trust account (assuming no redemptions), according to the press release.

The company's chairman, Tomoyuki Nii, who is also the Japanese banking conglomerate SBI Group's executive officer, said in the press release that with its listing on Nasdaq, Gorilla Technology is now ready to expand outside of its Southeast Asia market base.

Founder and CEO Spincer Koh said, Gorilla has been dedicated to developing AI for the last 20 years and has focused on the optimization of the algorithms, allowing the applications to be executed in an environment with relatively few resources, in an edge environment. "We have seen the edge AI industry evolve, mature and now witnessing rapid growth," Koh said the company will pursue end-to-end solutions to meet customers' rapidly evolving needs and will continue investments into R&D to help innovate new solutions and enhance current offerings.

Key investors of the company include SBI group (Japan), Asteria (Japan), Acer (Taiwan), and Telstra Ventures (Australia). Its clients across the world include Danone, ExxonMobile, Itochu Techno-Solutions, PT Synnex Metrodata Indonesia, Auresys, Macnica DHW, Portland International Airport, and Taoyuan Airport.

Gorilla Technology announced a partnership with Softbank on September 21, 2021, to expand into the Japanese market. It was founded by Koh, in 2001, with the vision of being a global leader in video intelligence, IoT technologies, and cybersecurity. The company specializes in video analytics, network security and big data to support solutions for commercial, industrial, cities, and government purposes. It also provides a complete Security Convergence Platform to government institutions, telecom companies, and private enterprises with network surveillance and cybersecurity solutions.

In the press release, Gorilla Technology shared insights on the outlook of the edge AI industry. It believes that currently only about 10% of enterprise data is created and processed outside of centralized data centers or cloud services.