Kinetic Group Inc., a technology holding company, has signed a Memorandum of Understanding to acquire a profitable artificial intelligence software company providing accurate AI predictive software for enterprise digital transformation.
Through this acquisition, KNIT will offer customizable artificial intelligence programming to businesses to improve their decision making, reduce risk and improve operations. Customized solutions, including Digital Twins, Smart Assets, AI predictive analytics and Metaverse engagement are designed to produce significant productivity improvements. KNIT is an early mover in offering a suite of AI business services to both the private and public sectors.
Management expects Year 1 EBITDA post-acquisition to reach US$3.2 million.The target serves the world’s largest oil and gas companies and major industrial and transportation businesses.
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Digital Transformation service sales are expected to reach US$6.8 trillion by 2027¹ with AI’s contribution to the global economy reaching US$15.7 trillion by 2030.
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.
Ana María Méndez, Founder and Chairwoman of KNIT said “We are excited with the acquisition of a leading company in the AI space, offering an entire suite of business digital transformation services. We believe AI solutions will transform the near-term business landscape. Our AI services empower businesses to make optimal decisions based on improved data and analytics. KNIT expects to be a leading AI services company in the years ahead.”
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