Silver Bullet Data Services Group PLC on Monday said it purchased intellectual property rights from a firm in administration to improve its marketing offerings to customers.
The London-based provider of artificial intelligence-driven digital transformation services and products secured the IPR’s for a cash consideration of £50,000 payable in two tranches along with an earnout of 10% of net revenues generated from the technology up to December 31, 2025.
The IPR’s were acquired from Spore London Ltd, trading as Codec.AI. The contextual AI insights and targeting data company, which is in administration, compiled global consumer behaviour data from social media platforms for marketing purposes.
The acquisition of Codec AI’s IPR’s will boost Silverbullet’s first party data services to enhance products and create ‘clear upsell opportunities’ to extend Silverbullet’s products and services and global client base.
Chief Executive Officer Ian James said: ‘We are delighted to acquire Codec AI’s IPR which is an exciting opportunity for Silverbullet and is importantly earnings enhancing and value accretive from day one. The new opportunities will add significantly to both the group’s offering and existing client base enabling 4D AI to provide a broader service.’
Silver Bullet shares were down 3.7% at 45.75 pence each in London on Monday afternoon.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
