Vuzix creates new software-as-a-service based Integration Solutions Business Unit

Vuzix Corporation said it has established an Integrated Solutions Business Unit within the company and made an inducement grant of restricted stock to Pano Spiliotis, who has been appointed as managing director of the newly created unit. The company said the stock grant was approved by the company’s board on July 22, 2021. Spiliotis will oversee the acceleration of Vuzix' Smart Glasses in enterprise-focused solutions including the company's ongoing software and service subscriptions. Spiliotis has strong experience in the high-tech electro-optical field. His areas of expertise include business and software development and the development of strategic partnership alliances with Fortune 500 companies. READ: Vuzix to dominate enterprise smart glasses market with competitive product lineup From 2006 to March 2019, Spiliotis was the co-founder and CEO of FluxData Inc, where he created a new factory automation business for inline color measurement services. His company was acquired in 2017 by Halma, a leading safety, health, and environmental technology group based in Great Britain, after it had achieved $35 million in sales with a 90% gross margin and 50% EBITDA, or earnings before interest, taxes, depreciation, and amortization margin in its last four years of operation before being bought out. "Pano has a proven track record of building highly skilled, high value teams that are able to identify novel markets and quickly help deliver valuable solutions," Vuzix founder CEO Paul Travers said in a statement. "Our new solutions group will develop additional tools and support for current and future partners while helping to explore and identify business opportunity in various verticals. The group will continue to support Vuzix' digital solutions strategy for its Smart Glasses customers by helping to integrate the company's products and services into the entire internet of things.” Travers noted that by working with customers to understand their "ecosystem and areas for improvement,” Vuzix will be able to deliver "higher value, robust solutions." “We are excited to welcome Pano to the team and have him head up this new business unit," Travers added. Spiliotis' will get a stock award of 300,000 shares subject to vesting, including 50,000 shares that may be earned over three years based on him being with Vuzix, plus 250,000 shares that may be earned on hitting revenue and EBITDA operational milestones for the Integration Solutions Business Unit within specified periods of time over five years. Vuzix now offers the strongest lineup of smart glasses solutions across the competitive landscape with its three current solutions: the M400, the M4000 and the Blade Upgraded. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive