Carl Data Signs LOI to Acquire Connected Fintech to Further Blockchain and Fintech Data Services Development

Carl Data Solutions (CSE:CRL) has announced that it has entered into a letter of intent to acquire Connected Fintech for roughly 883,000 common shares valued at $0.192 per share.

As quoted in the press release:

Connected’s assets including crypto currency servers (miners) and related hardware, data center facilities, hosting contracts, and expertise and knowledge of Connected’s team of network specialists and developers will give Carl Data a competitive advantage adapting current software and predictive analytics for optimized transaction processing and continued development of breakthrough machine to machine (M2M) transactional capabilities using blockchain technology for the Industrial Internet of Things (IIoT).

Greg Johnston, Carl Data’s President and CEO, commented, “This acquisition will allow us to take advantage of a number of immediate opportunities, and give us a competitive advantage working with IIoT data through new technology we are developing. Our Big Data as a Service (BDaaS) tools will be applied to the fintech market, taking advantage of the current need for crypto-mining hosting services as overseas operations look to Canada for expansion and re-location. Recent advances in our data collection hardware, combined with the blockchain expertise of Connected’s staff and contractors, will allow us to continue development of our smart contract and M2M transaction solutions based on blockchain technology.”

Jay Yu, CEO of Connected, remarked, “Merging with Carl Data will allow us to accelerate our expansion plans. The Carl team brings a wealth of experience in big data and AI that will help Connected Fintech offer value added services to our clients. This will provide a real competitive advantage in attracting clients who use us for hosting their cryptocurrency mining servers. Our relationship this past year has strengthened, and working with CEO, Greg Johnson and the rest of Carl’s management team is an ideal fit for us. I am excited to become part of such a dynamic public company.”

Click here to read the full press release.