Benzinga | May 3, 2021 12:32PM EDT

Inpixon Acquired SaaS Platform The CXApp For Undisclosed Sum

* Indoor Intelligence company, Inpixon (NASDAQ: INPX), has announced the acquisition of the SaaS app platform Design Reactor, Inc (or The CXApp). The financial terms of the transaction were not disclosed.

* The CXApp helps the corporate enterprise organizations to offer custom-branded, location-aware employee app focused on the workplace, enhancing the experience, and hosting virtual and hybrid events.

* The CXApp founder, Leon Papkoff, has joined Inpixon as EVP leading Inpixon's CXApp Division.

* The arrangement will help the companies to capture a significant share of the global digital workplace market and the global event management software market, which are expected to grow at a 21.3% and 10% CAGR to $72.2 billion and $6.4 billion by 2026.

* Inpixon held $18 million in cash and equivalents as of Dec. 31, 2020.

* Price action: INPX shares traded lower by 1.28% at $1.14 on the last check Monday.