VANCOUVER & MONTREAL, Quebec–(BUSINESS WIRE)–XMachina AI Inc. (“XMachina” or the “Company”) is pleased to announce the successful acquisition of Bain Public Inc. (“Bain Public”). On December 31, 2021, the Company and Bain Public successfully agreed on the terms and conditions for the acquisition of 100% of the outstanding shares of Bain Public by the Company. “We are very excited to have Paul Ortchanian and his team join us in our goal to grow into one of the largest and most diverse Artificial Intelligent companies in North America.” Commented Claude Théroret, CEO of XMachina AI Inc. The acquisition consisted of a combination of cash and shares that will vest over a defined period of time.
Bain Public is a niche management consulting firm that specializes in delivering a proprietary program for enhancing product development companies in the software ecosystem. “We see the Bain Public acquisition as part of a strategic growth strategy for XMachina. Firstly we have an opportunity to grow XMachina revenues through the continued development of the Bain Public brand while adding a layer of in house product expertise for the targets that we acquire. Paul’s personal expertise developed in the Silicon Valley and Montréal ecosystems and proprietary management coaching programs have enabled him and his team to build a successful niche services company geared towards the enhancement of enterprise value through defined approaches to product roadmap delivery. Bain Public’s presence across the Montréal AI accelerator ecosystem will also bring top rated deal flow and presence to XMachina.” said Mr. Théoret.
“Bain Public emerged from our expertise helping organizations make smart product decisions.” Commented Paul Ortchanian Founder and CEO of Bain Public Inc.
“The acquisition is a milestone for us as it enables more clients within the North American Artificial Intelligence ecosystem to access our proven product management methodologies. This next chapter will allow us to expand on our abilities to develop and maintain the organizational models and operational tactics our customers need today and for the future.”
With its second acquisition completed, the Company is focused on closing its next financing round and preparing its public listing filing requirements.
XMachina-AI Inc. seeks to provide a platform for the acquisition of Artificial Intelligence (“AI”) entities in North America. The Company’s thesis is based on an aggregation strategy to acquire successful AI targets and make them better through the addition of growth capital, streamlining of corporate processes and human capital acquisitions. The current sector focus of the Company is on enhancing supply-chain efficiencies, logistics and manufacturing.
Cautionary Statements Regarding Forward Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward- looking statements include, but are not limited to, statements with respect to: the ability of the Company to execute its business strategy and Use of Proceeds, Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, including risk with successful completion of due diligence on acquisitions, CSE listing requirements, regulatory barriers, capitalization and other uncertainties or factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. XMachina disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.