Artificial Solutions Holding ASH AB, a Stockholm, Sweden-based specialist in enterprise-strength conversational AI, has entered into a reverse takeover agreement with Indentive AB (Nasdaq First North: INDEN B), which will see a new entity, Artificial Solutions International AB, become listed on the Nasdaq First North stock exchange.
The agreement with Indentive, subject to final approval by the Indentive AGM on 28 February 2019, will allow Artificial Solutions to achieve its aim of listing on Sweden’s leading multilateral trading facility for growth companies.
Led by Lawrence Flynn, CEO, Artificial Solutions has been pioneering conversational AI for over a decade. Today, the company’s flagship product Teneo delivers all the tools large global enterprises need to develop conversational AI applications, enabling them to enhance their customer relationships, while maintaining control of their own data.
Teneo allows business users and developers to collaborate on creating intelligent conversational AI applications that can run across 35 languages, multiple platforms and channels.
The listing on Nasdaq First North enhances Artificial Solutions standing as a leading player in the conversational AI space and provides a platform to finance its innovative approach to delivering AI for the enterprise.
The proposed reverse takeover is subject to final approval by the Indentive AGM on 28 February 2019. Following completion of the transaction, the shareholders of Artificial Solutions will hold approximately 97.75 per cent of the shares and votes in Indentive and the current shareholders of Indentive will hold approximately 2.25 per cent of the shares and votes in Indentive. In conjunction with the Transaction, Indentive will change its name to Artificial Solutions International AB.
It is expected that Artificial Solutions International AB will begin trading on Nasdaq First North on 12 March 2019.
The new board of directors is proposed to consist of Åsa Hedin, Johan Ekesiöö, Bodil Eriksson, Johan Gustavsson, Fredrik Oweson and Jan Uddenfeldt, with Åsa Hedin to be elected as chairman.
Artificial Solutions’ current senior management team consisting of Lawrence Flynn as CEO, Chris Bushnell as CFO, Andreas Wieweg as CTO, and Andy Peart, Peter Roost, Dave Parsin, Gareth Walters, Russell Tarr and Darren Ford will continue their roles in the new entity.