REG - Substrate Artificial - Acquisition of BINIT SRL and DELTANOVA SA

Substrate Artificial Inteligence SAAnnouncement

03/11/2023 14:30

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RNS Number : 3840S  Substrate Artificial Inteligence,SA  03 November 2023

3 November 2023

 

SUBSTRATE ARTIFICIAL INTELIGENCE SOCIEDAD ANONIMA

 

("Substrate AI" or the "Company")

 

Acquisition of BINIT SRL and DELTANOVA SA

 

Substrate AI (AQUIS:SAI.B) is pleased to announce that on 31 October 2023, it
has agreed on the terms for the acquisition of 70% of the companies BINIT SRL
and DELTANOVA SA, parent companies of the BINIT Group.

 

The BINIT Group is a software development consultancy in Spain, the UK and
Latin America. It has more than 100 employees in these markets and a
consolidated portfolio of clients, among which are companies such as John
Deere, Holcim and Charles Taylor.

 

The company will complement the capabilities of the Substrate group and will
function as a software developer for the companies of the Substrate AI group
and other customers, helping to turn Substrate's proprietary AI technology
into products and solutions.

 

The acquisition price has been set at €5,400,000 for the acquisition of
BINIT SRL and €600.000 for DELTANOVA SA. In both cases consideration will be
paid in shares of Substrate AI in a combination of A and B shares through a
capital increase under the formula of the compensation of credits provided for
in the Spanish Companies Act, to be approved by the shareholders' meeting of
the Company expected to be convened in January 2024 and which will be
announced in due course.

The Directors of the Company accept responsibility for the contents of the
announcement.

For further information, please contact:

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

 Chairman
 First Sentinel Corporate Finance
 Brian Stockbridge                 +44 (0) 7858 888 007

 

 

 

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