HONG KONG, April 14, 2025 — Borqs Technologies, Inc. (U.S. OTC: BRQSF) has finalized the sale of its core operations to Sasken Technologies, Ltd. (India NSE: SASKEN, BSE: 532663), an Indian product engineering and digital transformation services firm. The transaction encompasses the company’s embedded software design and custom hardware manufacturing for Internet of Things (IoT) products. The sale price totaled US$40 million, with a portion allocated for employee benefits, tax obligations, and performance-based earnouts for 2025.

The sale includes customer contracts, technology licenses, intellectual property, the transfer of key personnel employment agreements, assets necessary for operations, and specific subsidiaries crucial for customer service.

Sasken’s acquisition will enable it to better assist customers in the design, development, and commercialization of connected devices, from initial concepts to market-ready products. This includes idea generation, IP development, software and product creation, and hardware supply chain management. Sasken aims to collaborate with chipset partners to develop connected devices such as mobile phones, tablets, smartwatches, and various IoT products.

Borqs CEO Pat Chan stated, “This marks a significant point for Borqs. I’m proud of our team’s accomplishments since 2007. We’ve become a global leader in Android and IoT technologies, providing innovative solutions for clients worldwide. I am confident that Sasken Technologies Limited will leverage our expertise to drive even greater success for our customers, ensuring the continued growth and prosperity of our business.”

Borqs intends to use the proceeds from this sale to invest in emerging AI opportunities and capital ventures, actively participating in and shaping the future of these sectors by capitalizing on the latest technology trends.

Mr. Rajiv C. Mody, Chairperson, Managing Director & CEO of Sasken Technologies Limited, commented: “This acquisition demonstrates our dedication to expanding our technological capabilities and providing advanced solutions that meet the evolving needs of our customers. By integrating Borqs’ capabilities, we will strengthen our portfolio, enhance our competitiveness, and stimulate growth in high-demand markets like Automotive, SatCom, Consumer, Industrial, IoT and 5G.”

Hareesh Ramana, a Borqs Technologies Inc founder and Managing Director of Borqs India, will join Sasken’s leadership team as part of the acquisition, overseeing the integration of Borqs’ capabilities into Sasken.

Established in 2007, Borqs has developed a strong reputation for delivering comprehensive wireless product solutions for mobile telecommunications and IoT. The publicly traded company has strategic alliances with industry leaders like Qualcomm and collaborates with key mobile network operators and OEMs. With approximately 300 employees and a global presence, Borqs is well-positioned to capitalize on the rising demand for IoT and 5G technologies, utilizing its software platform to provide customizable wireless product solutions across sectors, including utilities, automotive, and smart cities.

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About Sasken:

Sasken specializes in Product Engineering and Digital Transformation, providing R&D services from concept to market and chip to cognition. They serve global leaders in Semiconductor, Automotive, Industrials, Consumer Electronics, Enterprise Devices, SatCom, Telecom, and Transportation industries. With over 30 years of experience and multiple patents, Sasken has transformed the businesses of 100+ Fortune 500 companies, powering over a billion devices through its services and IP. For more information, visit

About Borqs Technologies, Inc.

Borqs Technologies is a global leader in software and products for the IoT, offering customizable, differentiated, and scalable Android-based smart connected devices and cloud service solutions. Borqs has gained recognition as an innovative end-to-end IoT solutions provider by leveraging its strategic chipset partner relationships and its extensive software and IP portfolio. Borqs’ unique strengths include its Android and Android Wear Licenses, which have allowed the Company to develop a software IP library covering chipset software, Android enhancements, domain-specific usage, and system performance optimization, suitable for large and low-volume customized products. The Company is also currently developing 5G products for phones and hotspots.

Investor relations contact:

E: IR@borqs.com

Disclaimer on Forward Looking Statements:
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements due to risks or uncertainties associated with our expectations. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including the possibility that the transactions as described herein between Borqs and Sasken may not end up with positive benefits or at all. The reader is advised to refer to both companies’ filings with their respective securities and exchange authorities for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law and other regulatory requirements, the companies disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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