This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
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
Chairman
|
info@substrate.ai
|
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.