Datametrex AI (TSXV: DM) is bolstering its artificial intelligence division. The company this morning announced that it has entered into a letter of intent to acquire that of Perspectum Drone Inspection Services, whom is a private AI drone imaging predictive analytic services firm.
Perspectum effectively uses artificial intelligence to provide predictive analysis for environmental and safety applications. The tech, once acquired, is to be expanded into Datametrex’s core cybersecurity operation by integrating the current AI tech the company utilizes with that of what is brought to the table by Perspectum.
The proposed transaction is to be structured as a share acquisition arrangement, with the firm to be acquired for an aggregate purchase price of $3.0 million via the issuance of common shares. $500,000 worth of shares are to be placed into escrow, and released upon the new subsidiary achieving $600,000 in gross revenue. The current transaction is currently slated to close by April 30, 2021.
“The impact of the acquisition of this AI business cannot be minimized. The demand for imaging predictive analytic reporting continues to be a large area of growth. As businesses and countries continue to work towards zero emissions and carbon neutral footprints, we believe that adding this imaging predictive AI element to our existing cybersecurity business will drive significant value for our stakeholders.”
Marshall Gunter, CEO of Datametrex
The two firms will now enter a 30 day due diligence period, following which a definitive agreement will be entered into. A definitive agreement is currently slated to be entered into by March 31, 2021.
Datametrex AI last traded at $0.24 on the TSX Venture.
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