(Alliance News) - Substrate Artificial Inteligence SA on Tuesday said it has struck a deal to acquire an extra 21% of parent companies of software development consulting outfit Binit Group.
It has paid EUR1.9 million for the acquisition of 21% of Binit Srl and EUR210,000 for 21% of Deltanova.
In November 2023 the Spanish-based artificial intelligence company had acquired 70% in each of the Binit Group parents for a total of EUR6.0 million.
Binit Group, Substrate explained, is a "group of companies dedicated to software development consulting". It operates in Spain, the UK and Latin America.
It has a client portfolio that includes firms such as agricultural machinery company Deere & Co, and building materials firm Holcim.
"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," Substrate added.
The deals will be satisfied through the issue of new shares in Subgen AI. The selling shareholders of Binit Srl and Deltanova will own 1.4% of Subgen AI, with the rest belonging to Substrate.
Shares in Substrate AI were flat at 22.0 pence each in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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