Private AI holding company XMachina AI Inc. announced on Monday that it has completed the acquisition of software management consulting firm Bain Public. The transaction is the firm’s second completed acquisition.
While no financial details were disclosed, the company said that the acquisition will consist of a combination of cash and shares “that will vest over a defined period of time.”
“[We] have an opportunity to grow XMachina revenues through the continued development of the Bain Public brand while adding a layer of in-house product expertise for the targets that we acquire,” said XMachina CEO Claude Théroret.
The AI firm recently closed its oversubscribed $2.4 million seed funding round in December 2021. It is now working on its next round of financing and its application for public listing on the Canadian Securities Exchange.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive, is currently long the equity of XMachina. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.