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“We believe our software and sensor technology can change the way companies across industries perform predictive maintenance to ensure reliability, environmental integrity and safety through AI and machine learning,” ICI CEO Gary Strahan said. Strahan will continue to serve as CEO of the company after the merger, the companies said. The Beaumont company also will retain its name. David Gow, CEO of SportsMap and a onetime executive at the former Houston-based Compaq Computer Corp., will become chairman of the board.
“We believe ICI is poised for strong growth,” Gow said. “The company has a strong value proposition, detecting the overheating of equipment in industrial settings. ICI also has assembled a strong management team to execute on the opportunity.” The deal is among a dwindling number of SPAC deals that just a couple of years had become popular. More than 55 such transactions have been terminated this year, as the market for SPACs has soured. More than one-third of the roughly 400 companies that merged with a SPAC are trading below $2 a share.
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