Software company, IntelliAM AI, has acquired 53 North, within a few hours of floating on the Aquis Stock Exchange Growth Market.
The South Yorkshire group uses artificial intelligence to help manufacturers increase the operating efficiency of their assets.
It was admitted to the Aquis Stock Exchange yesterday morning, with a market capitalisation of just over £15m.
This is set to raise to £17.9m following the completion of the acuiqistion of manufacturing asset management consultancy 53 North.
“We’re building a world leader in AI and manufacturing productivity leveraging our rich engineering heritage in South Yorkshire,” said Tom Clayton, Chief Executive of IntelliAM – who is also the founder of 53 North.
“Our goal is to revolutionise global manufacturing, boosting output and returning prosperity to our industrial heartlands.
“By combining our deep manufacturing expertise with cutting-edge AI, we’re creating high-value jobs and demonstrating that AI can be a force for job creation and regional economic rebalancing.”
The Dinnington-based company has raised more than £5m in the placing and will be using the funds to invest in people and technology.
