Namaste Technologies (TSXV:N; OTCMKTS:NXTTF) completed the acquisition of Swedish-based A.I. and machine learning technology platform, Findify AB for the price of US$12 million in a combination of cash and common shares.
As quoted in the press release:
Findify is a global leader in A.I. powered e-commerce technology, delivering solutions such as personalized search, recommendations, and advanced data analytics. The acquisition of Findify as a technology platform will bring significant value to Namaste and its shareholders by accelerating the Company’s growth strategy, enhancing conversion rates and revenue and in providing an entry into machine-learning and A.I. for applications for cannabis.
The acquisition of Findify represents a major milestone for Namaste as its largest and first technology-based acquisition. Namaste will roll-out the entire suite of products available through Findify on all touch points in order to bring real-time intelligence across its platform. Findify will also leverage their experience working with 1000+ e-commerce stores, with conversion rate optimization and enhanced UX design.