In a strategic move to bolster its human resources (HR) capabilities, Substrate Artificial Intelligence (AQSE:SAI.B, OTCQB:SUIAF), the Spain-based artificial intelligence (AI) firm listed on the BME Growth Market, has successfully acquired Ifit Solutions, a UK recruitment company, for US$4.6 million. The payment was made entirely in shares of Substrate AI.
Specialising in IT talent recruitment, Ifit Solutions has a global presence with offices in the UK, Costa Rica, Spain, the USA, and Mexico, serving large organisations worldwide.
Yann Roche, the CEO and founder of Ifit Solutions, will continue to lead the company and will become a shareholder in Substrate AI. The acquisition will make Ifit Solutions the hub for all HR-related activities previously managed by Fleebe, another Substrate AI entity. This will enable Ifit Solutions to provide comprehensive HR services, including talent search, recruitment, retention, internal promotions, and employee training, all powered by AI.
José Iván García, CEO of Substrate AI, highlighted the significance of the acquisition, stating: "Artificial intelligence plays and will play a fundamental role in the world of Human Resources to help workers and companies understand each other better and grow together."
He also pointed out that companies such as Eightfold.ai in the U.S. have valuations of $2 billion offering the same services Substrate will with Ifit.
Roche echoed this sentiment, adding: "We are excited about this purchase, which allows us to scale artificial intelligence in our company and aim to become a European leader in talent recruitment and retention."