MELBOURNE, Australia, May 19, 2017 — Internet of Things technology developer Xped Ltd. has acquired artificial intelligence
and computer vision company Jemsoft Pty Ltd.
The acquisition aims to bring additional technical expertise and required resources to Xped’s software team while reducing external contractor expenditure. In addition, the experience of key Jemsoft management personnel, retained as part of the acquisition, aims to enhance Xped’s delivery to market of current and future innovation and commercialization projects.
Xped will gain 100 percent ownership of Jemsoft Pty Ltd. and 51 percent of Media Intelligence Co. Consideration for the transaction will be 50 million Xped shares and $200,000 in cash. Media Intelligence Co. has existing licensing agreements in place and is self-funded.
The Jemsoft Group is headed by Jemsoft Pty Ltd. Jemsoft has delivered several artificial intelligence- based projects in a number of industries from hardware solutions, security, computer vision and machine learning solutions.
Xped develops technology that allows any consumer to connect, monitor and control devices and appliances.