Xped, an ASX-listed Internet of Things business, has bought Jemsoft, a computer vision and artificial intelligence (AI) company.
A short time ago, shares in Xped were up 7% to $0.015.
Xped is paying 50,000,000 of its shares and $200,000 cash for 100% of Jemsoft and a 51% interest in Media Intelligence Company, a subsidiary which provides real-time and after-the-fact insights and measurements for brands and media owners.
Media Intelligence, founded by Dr Karen Nelson-Field, professor of Media Innovation at the University of Adelaide, has a cornerstone research contract with Think TV Australia, which provides $500,000 a year in licensing fees.
“The company has a number of high profile projects in development which will be disclosed to the market in due course,” says Xped.
Xped says Jemsoft has delivered several AI based projects in a number of industries, from hardware solutions, security, computer vision and machine learning solutions.
Jemsoft, a cognitive software company, was founded in 2013 by Emily Rich and Jordon Green in Adelaide. Both move over to Xped.
“This acquisition adds a substantial piece in Xped’s larger vision of building a complete end to end Internet of Things platform,” Xped said in a statement to the ASX.
“By leveraging Jemsoft’s advanced software and cloud-based expertise, Xped will implement leading artificial intelligence and consumer friendly technologies into its platform.”
Xped has developed device management software that allows any consumer, regardless of their technical capability, to connect, monitor and control everyday devices and appliances.