DeepMatter Group PLC (AIM:DMTR) has acquired French artificial intelligence start-up ChemIntelligence in a deal that will “expand its offering” in chemical modelling, according to a regulatory filing.
The digital chemistry data and software company said it has agreed to buy French company ChemIntelligence, which develops AI chemical modelling technology to speed the pace of chemical reactions, for up to £420,000.
The company posted £120,000 of unaudited revenue for the year ending 31 December 2021 and £20,000 of pre-tax profit.
Deepmatter will pay the price tag in three tranches, including an initial issue of more than 23 million ordinary shares to ChemIntelligence, based on its closing share price on 27 June.
It plans to issue up to 187mln of additional ordinary shares, depending on its share price and the financial performance of the target this year and next.
Deepmatter said the acquisition will enable it to “expand its offering and access a broader customer base”.
The company’s chief executive Mark Warne said in a statement that the deal “will also allow us to reach into new customer segments”.
"Our vision is to combine our proprietary chemistry data with proprietary algorithms in order to transform how medicines and other chemical molecules are made, significantly improving productivity, discovery and sustainability in the field of chemistry," Warne said.