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Evergreen Corporation (NASDAQ:EVGR), a special purpose acquisition company (SPAC), has announced a definitive agreement and plan of merger with Forekast Limited (“Forekast”). Upon completion of the transaction, the combined entity will operate under the name Forekast Group (“PubCo”).
Forekast, a prominent technology managed services provider, specializes in augmented intelligence, leveraging AI-driven insights to enhance business operations, customer experiences, and workforce capabilities. The company has demonstrated impressive growth with a compound annual growth rate (CAGR) exceeding 20% over the past five years, consistently achieving strong double-digit increases in both revenue and profits.
This strategic merger is designed to accelerate Forekast’s growth trajectory, broaden its market reach, and enhance its technology managed services portfolio. By integrating with EVGR, Forekast aims to capitalize on the burgeoning demand for AI-powered solutions and technology managed services across various industries.
Abdul Rahman, CEO of Forekast, expressed enthusiasm about the merger, stating, “We are excited to announce this combination with EVGR. This merger will see both parties bringing our combined strengths together, building on our solid foundation, while leveraging this powerful platform to drive growth as we propel the group to greater heights.”
Forekast’s expertise in serving midsize and large enterprises positions it well to continue delivering insights that improve decision-making, enhance operational efficiency, and elevate customer experiences. The merger and the associated capital infusion will enable Forekast to expand its client base and refine its solutions, empowering businesses to thrive in a complex and increasingly digital world.
Izmet Iskandar, CFO of EVGR, highlighted the significance of the merger in the context of the rapidly evolving AI landscape. “We are delighted to announce this business combination agreement at a time when AI is reshaping industries across the globe. AI offers enormous growth potential that could contribute over $15 trillion to the global economy by 2030,” Iskandar noted.
In addition to enhancing its technology capabilities, Forekast is poised to extend its reach into new geographical markets. This strategic expansion will enable the company to tap into a broader customer base, explore new growth opportunities, and tailor its offerings to meet the diverse needs of global markets. The merger is expected to drive significant global expansion and elevate Forekast’s brand recognition on an international scale.
With the planned merger, Evergreen Corporation and Forekast Limited are set to create a formidable player in the technology managed services sector, positioning the new entity for sustained growth and innovation in the rapidly evolving AI and technology landscape.
