Namaste Set to Acquire A.I. and Machine Learning Company

Namaste Technologies (TSXV:N; OTCMKTS:NXTTF) announced a definitive agreement to acquire Findify AB 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 personalization, delivering solutions such as personalized search, recommendations, and advanced data analytics. Among its customers are Nine West, PLV Shoes, and Rocketdog.

Management expects the integration of Findify’s proprietary technology to increase monetization and propel revenue growth in both cannabis and hardware sales. In addition to anticipated growth in Namaste’s core business, the Company will allocate resources to expand on Findify’s existing platform and expects this to result in increased EBITDA by the end of 2019. Namaste also anticipates accelerating patient growth through its wholly owned subsidiary and Canada’s first fully-compliant online patient portal, NamasteMD Inc. (“NamasteMD” or “NamasteMD.com”). By implementing Findify’s technology in applications of patient acquisition, conversion rates, order value and customer retention, the Company expects to reach 50,000 medical cannabis patients by the end of 2018 and up to 100,000 by the end of 2019.

Click here to read the full press release.

Source: globenewswire.com