16.2 C
Tuesday, July 16, 2024

Kinetic Group Acquires Binnops US Technologies Inc.

Must read

Kinetic Group, Inc. Finalizes Acquisition of Binnops US Technologies Inc.- A Leading AI Company Providing Digital Transformation Solutions to Enterprises

Kinetic Group Inc. has acquired 100% of US-based BINNOPS US TECHNOLOGIES INC in an all-stock transaction. Binnops is a leading provider of profitable artificial intelligence software solutions to enterprises in the energy, manufacturing, transportation, aeronautical, retail, and government sectors.

The acquisition positions KNIT as a leading provider of Digital Twins, Smart Assets, AI predictive analytics and Metaverse engagement to enterprises and retail clients.  Delivering transformative digital technologies since 2016, Binnops has provided customizable solutions to leading Fortune 500 companies across the globe, with lifetime contract revenue of over six million dollars. As a result, KNIT acquires a robust portfolio of clients, spanning the globe, and a pipeline of business opportunities. With expected sales of USD5.1 million and EBITDA of US$2.8M, in the first year after the acquisition, Binnops’ smart asset solutions drive real digital transformation solutions that enhance an enterprises’ margins by increasing efficiency and productivity and managing risk through predictive analytics.  KNIT can go beyond the hype and deliver real results.

Ana María Méndez, Founder and Chairwoman of KNIT said “We recognize the need for enterprises to embark on their digital transformation journey and with this acquisition KNIT is the perfect partner to go on this journey. We also recognize the outstanding management team that has taken Binnops this far and are certain that the acquisition will only enhance the team’s capabilities.” We are committed to KNIT’s expansion and increasing its market share in the AI space. We also expect to uplist to the OTCQB market in the near term”.

KNIT hired CIM Securities LLC as lead placement agent in a $3 million raise structured as an 8% PIK Dividend Series A Convertible Participating Preferred. The preferred offers a 1.5x liquidation preference and is priced at $1.00 per preferred share. Use of funds is to promote international sales and rollout a subscription-based revenue model.

CIM Securities is an investment banking and venture capital firm for growing middle market companies. CIM Securities is headquartered in Centenial, Colorado.

More articles

Latest posts