Digimax To Acquire Darwin Ecosystem In All Stock Transaction
Digimax Global Solutions (CSE: DIGI) this morning announced it has signed a definitive letter of intent to acquire Darwin Ecosystem from that of NELI International Incorporated. Darwin is focused on developing artificial intelligence applications in multiple sectors, including the areas of cryptocurrency and analysis.
The acquisition of Darwin Ecosystem is said to accelerate the market introduction of certain applications being developed by Digimax and its subsidiary DataNavee, including its cryptocurrency trading tool. The tech is also said to advance development in other sectors that have have yet to be announced.
In addition to its library of artificial intelligence applications, the company is said to have also developed several Internet of Things applications that enables users to send and receive critical data automatically.
Darin Ecosystem is to be acquired via the issuance of 5.0 million common shares of DigiMax, along with 5.0 million warrants valid for a period of two years at a price of $0.06 per share. Shares issued under the transaction are to be subject to escrow conditions, with 25% released at closing and a further 25% released every 4 months thereafter. The transaction is expected to close by November 30, 2020.
In addition to the sale of Darwin Ecosystem, NELI and Digimax have announced a collaboration on the firms sales prediction software. The collaboration will see NELI, whom is an asset-based lender that offers secured financing solutions, assist in identifying risk in underwriting corporate lending platforms as well as managing ongoing client relationships. The product is expected to be launched in Q1 2021, with NELI agreeing to become the first client to utilize the software.
Digimax Global Solutions last traded at $0.10 on the CSE.
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