Substrate Artificial Intelligence (AQSE:SAI.B, OTCQB:SUIAF) has unveiled a new transaction with the minority owners of software development company Binit, which is currently being integrated into the firm’s Subgen AI business.
The AI specialist, listed in Spain, as well as London via Aquis and in the United States via OTC Markets, in November, bought 70% of Argentina-headquartered consultancy BINIT for €6 million and today it announced it will acquire most of the remaining stake.
Substrate has agreed to acquire a further 21% of BINIT, along with an associated company DELTANOVA, for €1.89 million and €210,000 respectively. It means that Substrate owns more than 90% of BINIT and in turn means it will own and control some 98.6% of the integrated Subgen AI business.
Bringing the businesses together, Subgen AI is working to roll out enterprise large-language model AI systems and tools – the same type of AI as OpenAI’s ChatGPT and Google’s Gemini platform – to enable companies to develop and deploy ‘low-code or no-code’ AI systems, services and tools into their business operations.
The roll-out of Serenity Star, the platform being developed by Subgen, is the focus of the rapidly growing AI business.
Today, in a separate Spanish statement, the company highlighted that along with its existing assets and operations, the new transaction values the Subgen unit at some €150 million.
The BINIT Group comprises software development consulting in Spain, the UK and Latin America with more than 100 employees in these markets and a client portfolio that includes firms such as John Deere, Holcim and Charles Taylor.
These operations are now integrated into the generative artificial intelligence subsidiary Subgen AI and complement the strengths and capabilities of the Substrate AI Group.
Under Subgen AI, the company is targeting enterprise customers in healthcare, agritech, fintech, human resources and energy sectors.