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INTERNET of Things company Xped (ASX: XPE) today acquired artificial intelligence company Jemsoft Group for 50 million shares in addition to a $200,000 cash consideration.
The transaction will see Adelaide based Xped acquire Jemsoft for $200,000 and 50 million shares.
In addition to gaining complete ownership of Jemsoft and its intellectual property, the Adelaide-based Xped will also receive 51 per cent of Media Intelligence Co, a partially-owned subsidiary of Jemsoft.
Xped Executive Chairman, Athan Lekkas, says the acquisition will allow the company to broaden its current areas of expertise.
"We were looking to adopt the artificial intelligence to our technology because it was an area that was missing from our tech," says Lekkas.
"The video IP, facial recognition, AI and all those other metrics."
Jordan Green, Managing Director and Chair of Jemsoft, will undertake the new role of Senior Vice President of System Architecture within Xped.
Green says the decision to sell to Xped was an easy one to make.
"From our perspective, it's a pretty clear fit for the technology," says Green.
"Xped have a suite of technologies that sit at the silicon level through the module level and that's a place we've always been ambitious to approach with our technology."
"Bringing the two together allows us to bring the computer technology from the cloud into the home and into the car, and perhaps into the world around us."
For Xped, the acquisition means they will now be integrate AI solutions into their existing smart products such as the Auto Discovery Remote Control which allows consumers to control a variety of Internet of Things products in their household with their smart phone.
Green says he is excited about the potential solutions merged companies can create with Jemsoft's AI tech and Xped's Internet of Things hardware.
"Certainly you can imagine that having access to technology that can detect the difference between a cat or a dog, or the difference between people's faces and detect things like people's behaviour is immensely valuable whether it be in a commercial or residential environment," says Green.
Business News Australia
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