Internet of Things Inc (TSXV:ITT) has announced that the company has completed the acquisition of Weather Telematics Inc (WTX Inc.). The company is a strategic investor and operator of emerging technology companies with innovative IoT, AI and Blockchain solutions. WTX Inc is a data science company offering real-time advanced artifical intelligence based predictive road condition …
Internet of Things Inc (TSXV:ITT) has announced that the company has completed the acquisition of Weather Telematics Inc (WTX Inc.).
The company is a strategic investor and operator of emerging technology companies with innovative IoT, AI and Blockchain solutions.
WTX Inc is a data science company offering real-time advanced artifical intelligence based predictive road condition weather analytics for safer, connected autonomous transportation.
As quoted in the press release:
The acquisition combines a world-leader in Weather Telematics providing real-time road condition predictive weather analytics with a strong business partner in IoT Inc. to accelerate sales and to expand the potential vertical applications for WTX Inc.’s AI platform.
IoT Inc. has acquired 100% of the issued and outstanding shares of WTX Inc. for $2.53 million on the following terms: (i) $230,000 in cash payable at closing; (ii) $300,000 in cash payable on the 6-month anniversary post closing; and (iii) 20,833,332 IoT Inc. treasury shares priced at $0.0963, with 50% or 10,416,666 shares to be released over three years in three equal tranches of 3,472,222 shares on the 12th month, 24th month and 36th month anniversaries post closing. The 50% balance or 10,416,666 shares to be released on WTX Inc. achieving $8.2 million minimum net sales target over 36 months with pro rata releases every six months (the “Transaction”).
“We are thrilled to be a part of Internet of Things and to leverage the expertise and relationships that IoT Inc. and its portfolio companies have established,” said Robert Moran, CEO of Weather Telematics. “With the power of AI-based technologies, we can convert extremely complex datasets into useful actionable intelligence.”
“Weather Telematics is at the forefront of AI-based and machine learning technologies for predictive road and weather analysis feeding into the growing autonomous vehicle sector,” said Michael Frank, CEO of IoT Inc. “We have already seen the benefits of their technology in applications related to transportation, insurance and logistics. WTX’s recent deal with Teletrac Navman provides integration benefits for market acceptance and ease of adoption. Together we’ve identified the next level of verticals to target, which includes, insurance companies, ride sharing programs for companies like Uber and Lyft and direct solutions for drivers. This acquisition will add long-term diversification and value to our investment portfolio and we welcome Weather Telematics’ team to become part of the IoT’s family.”
“With this transformative acquisition, we are positioned to build Internet of Things Inc. into a real-time road and environment data collection company. This technology is vital for autonomous driving platforms like Tesla and others. Additionally, our strategy with Weather Telematics will be to build out a new mobile app and then to rollout the full-suite of WTX technologies to the marketplace,” said James Sutcliffe, President & COO of IoT Inc.