StockMarketWire.com - Online experience group Attraqt said it had acquired Aleph Search, an artificial intelligence powered search technology, and announced a £4 million equity placing at a premium to fund deal and bolster its investment in marketing and product development.

Under the agreement, the company paid £0.35 million in cash and 3.6 million in new shares, with additional earnout payments over a three year period.

'The acquisition will enable us to not only immediately enhance the group's AI search capability and accelerate our product roadmap by an estimated two years, but also enhances our competitive advantage,' the company said.

'This technology builds upon the new experience orchestrator platform we developed from the Early Birds acquisition...' it added.

The company said it plans to raise gross proceeds of £4 million by way of a placing 12,500,000 shares at 32p, representing a premium of 2.3% to the closing price on 30 September.




At 8:33am: [LON:ATQT] Attraqt Group Plc share price was +2.5p at 33.5p



Story provided by StockMarketWire.com