Acquisition of Artificial Intelligence Company
Melbourne, May 11, 2017 AEST (ABN Newswire) - Xped Limited (
ASX:XPE) ("Xped" or "the Company") is pleased to announce they have entered into an agreement to acquire the Jemsoft Group of companies.
Highlights
- Xped acquires artificial intelligence & computer vision company Jemsoft Pty Ltd
- Jemsoft has a deep technology stack and market proven ability to deliver on large scale projects
- Xped to intergrate artificial intelligence and consumer friendly technologies into Xped internet of things platform
- Xped will gain 100% ownership of Jemsoft Pty Ltd and 51% of Media Intelligence Co
- Consideration for this transaction for this transaction will be 50,000,000 Xped shares and $200,000 cash
- Media Intelligence co has existing licensing agreements in place and is self funded
The Jemsoft Group is headed by Jemsoft Pty Ltd, a computer vision and artificial intelligence company with a deep technology stack and the market proven ability to deliver on large scale projects.
Media Intelligence Co (MIC), a partially-owned subsidiary within the Jemsoft Group, makes use of such software to provide real-time and after-the-fact insights and measurements for brands and media owners alike. Importantly, MIC has a cornerstone research contract in place with Think TV Australia, which provides $500,000 per annum in licensing fees and is self funded. The company has a number of high profile projects in development which will be disclosed to the market in due course.
Consideration for this transaction will be 50,000,000 Xped shares and $200,000 cash, the company will use its current placement capacity to issue shares to Jemsoft. Xped will gain a 51% interest in Media Intelligence Co as well as entire ownership of Jemsoft, its Monocular API, and all of Jemsoft's IP and trade secrets.
Jemsoft has delivered several AI based projects in a number of industries, from hardware solutions, security, computer vision and machine learning solutions in a number of markets including the media sector. Jemsoft has completed projects for many clients and organisations including global conglomerates, SMEs, Government and various startups.
With a view to revenue growth and diversification, Xped management is keen to build on Jemsoft's previous engagements in the media sector. Through working with Media Intelligence Co. we can expand Xped's current offerings through the development of Jemsoft's leading and proprietary computer vision technology in addition to identifying and advancing the potential existing synergies between programmatic advertising and connected devices, vehicles and smart homes.
Jemsoft is a proven AI solution house with a strong management team and media sector ties. This acquisition adds a substantial piece in Xped's larger vision of building a complete end to end Internet of Things platform. By leveraging Jemsoft's advanced software and cloud-based expertise, Xped will implement leading artificial intelligence and consumer friendly technologies into its platform.
The acquisition brings additional technical expertise and required resources to the software team within Xped while reducing external contractor expenditure. In addition, the experience of key Jemsoft management personnel, retained as part of the acquisition, enhances Xped's delivery to market of current and future innovation and commercialisation projects.
To view the Acquisition Presentation - Company Overview, please visit:
http://abnnewswire.net/lnk/781WG4Y2
About XPED Ltd
XPED Ltd (ASX:XPE) is an Australian Internet of Things (“IoT”) technology business. Xped has developed revolutionary and patent-protected technology that allows any consumer, regardless of their technical capability, to connect, monitor and control devices and appliances found in our everyday environment. Xped provides technology solutions for Smart Home, Smart Building, and Healthcare.
At Xped, we’re Making Technology Easy Again(TM)
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