Patriot One Acquires XTRACT Technologies

Patriot One (TSX:PAT), a company that develops threat detection platforms announced that it has acquired artificial intelligence (AI) company, XTRACT Technologies for C$6 million in a share transaction. The acquisition aligns with Patriot One’s mission to further integrate AI technology to its multi-sensor platform designed for public facilities, buildings and employee entryways, among others.

As quoted in the press release:

“Just over a month ago, we announced a development project with XTRACT, and during this period we’ve already seen great progress in significant opportunities for enhanced detection accuracy,” said Martin Cronin, Patriot One’s CEO and President. “With new sales opportunities arising every day for a covertly deployed, multi-sensor security solution, integrating XTRACT more deeply into our development and day-to-day operations made perfect sense. We are thrilled to have this highly talented group join our ranks; as they share our vision for creating a world safer from acts of mass violence.”

The XTRACT team will bring additional leading-edge expertise in artificial intelligence (AI) and machine learning to the Patriot One staff. XTRACT’s novel neural network architecture and data fusion techniques are robust, efficient and require less memory than comparable standards. With several strategic PATSCAN deployment initiatives in progress, including with Johnson Controls International and Bleutech Park-Las Vegas announced over the last month, the Company sees this move as both necessary and a key differentiator for its future platform development.

Click here to read the full press release.