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ikeGPS Group Limited (NZX: IKE) Acquires Assets of Artificial Intelligence Business

Tuesday 5th January 2021

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IKE has signed an agreement to acquire certain assets of Visual Globe LLC, a US-based Artificial Intelligence (AI) and low code/no code software company that specializes in the automated analysis of power poles.

This strategic acquisition complements IKE’s existing offering and aligns with the Company’s vision to become the standard for collecting, analysing and managing power pole information.

Visual Globe’s AI platform provides the potential for IKE to grow its addressable market within the electric utility and communication industries and to significantly increase the number of transactions that can process efficiently on its platform.

The addition of Visual Globe’s technology will enable IKE to process pole data that can be collected from new additional sources including drones and smartphones, making the Company’s platform even more attractive to electric utilities and communications groups in the North American market.

Commenting on the acquisition, IKE CEO, Glenn Milnes, said:

“This transaction with Visual Globe allows IKE to expand our addressable markets and adds important advanced bulk data collection & analysis capability. This enables IKE to continue to disrupt often inefficient or manual work practices across the electric utility and communications markets. Maximizing the volume of pole transactions on the IKE platform is our key revenue driver and we believe this acquisition has the potential to accelerate our business. We have been impressed by what Visual Globe has achieved technically and look forward to adding their team, and this AI capability, to our offering for the benefit of customers."

Visual Globe Chief Technology Officer and co-founder, Trevor Chandler, said:

“The combination of IKE and Visual Globe will be formidable. We are delighted to join a business with the position that IKE has established across the North American market and are aligned with IKE’s focus to solve the biggest problems for pole owners and network funders. I am excited to be alongside the IKE team and to be driving towards the IKE vision.”

See the links below for more details:

IKE acquires assets of Artificial Intelligence software business

Source: ikeGPS Group Limited

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