REG - Substrate AI-Class B - 21% ACQUISITION OF BINIT AND DELTANOVA

Substrate Artificial Inteligence SAAnnouncement

12/03/2024 07:30

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RNS Number : 3793G  Substrate Artificial Intel - B    12 March 2024

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12 March 2024

SUBSTRATE ARTIFICIAL INTELIGENCE SOCIEDAD ANONIMA

("Substrate AI" or the "Company")

ACQUISITION OF 21% OF THE SHARE CAPITAL IN BINIT AND DELTANOVA

Substrate AI (AQUIS: SAI/SAI.B) is pleased to announce that the Company has
completed the acquisition of an additional 21% of the share capital of both
BINIT, S.R.L. and DELTANOVA, S.A., the parent companies of the BINIT Group. In
November 2023, the Company announced that it had acquired 70% of these
companies for a total consideration of €6,000,000.

 

As per the announcement dated 03 November 2023, the BINIT Group comprises a
group of companies dedicated to software development consulting in Spain, the
UK and Latin America with more than 100 employees in these markets and a
client portfolio that includes firms such as John Deere, Holcim and Charles
Taylor.

 

The companies of the BINIT Group are integrated into the generative artificial
intelligence subsidiary Subgen AI and complement the strengths and
capabilities of the Substrate AI Group as a provider of generative artificial
intelligence services, both for the companies of the Substrate AI Group and
for other customers, through SaaS Serenity Star (serenitystar.ai).

 

A consideration of  €1,890,000 will be agreed for the acquisition of 21% of
BINIT SRL and €210,000 for the acquisition of 21% of DELTANOVA, S.A. In both
cases, the acquisition will be settled via an issuance of new shares of Subgen
AI which will be fully subscribed by the sellers of 21% of BINIT, S.R.L. and
DELTANOVA, S.A., at a €150,000,000 pre money valuation of Subgen AI.
Following the above-mentioned capital increase, the current 21% shareholders
of BINIT, S.R.L. and DELTANOVA, S.A. will hold 1.40% of the share capital of
Subgen AI, and Substrate AI will hold 98.60% of the share capital of Subgen
AI.

 

 

The Directors of Substrate AI accept responsibility for this
announcement. 

 Substrate AI                               
 Lorenzo Serratosa                         info@substrate.ai (mailto:info@substrate.ai)  

 Chairman                                   
 First Sentinel Corporate Finance           

 Corporate Advisors 
 Brian Stockbridge                         +44 (0) 7858 888 007 

                                            

 

About Substrate AI: Substrate AI is an artificial intelligence company based
in Spain that creates, buys and scales companies around AI in diverse sectors
such as fintech, agritech, energy, human resources, or health. All of them
sell products and services built on the bio-inspired reinforced learning
technology developed and patented by Substrate AI. 

 

 

 

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