- TrustBIX Inc. (TBIX) signs definitive agreement to acquire Insight Global Technology
- The acquisition is expected to be completed subject to regulatory and TSXV approval
- The initial purchase consideration would be 10,000,000 common shares of TrustBIX
- Insight allows customers to quickly track, protect, and identify movement of assets using self-powered and self-reporting cellular tags and cloud-based suite of tools
- TrustBIX Inc. (TBIX) is in the grey, trading at C$0.17 at 11:40 am EST
TrustBIX (TBIX) has signed a definitive agreement to acquire Insight Global Technology Inc.
Insight Global is known to be an early-stage company providing solutions to track, protect and identify the movement of high-value moveable equipment used in agriculture and other industries.
The acquisition is expected to be completed subject to regulatory and TSXV approval and once all remaining customary closing conditions have been satisfied.
Hubert Lau, CEO of TrustBIX, said, “We are confident that the acquisition will help us expand our BIX platform, enhance our value in supply chains, and enable us to better serve our clients with a more diversified set of products and services.”
“We believe Insight will assist us to drive growth and shareholder value in the months and years ahead,” added Lau.
This is scheduled to be paid out to Insight shareholders across specific milestones in four tranches.
The initial purchase consideration would be 10,000,000 common shares of TrustBIX.
An additional amount of up to 20,000,000 common shares of TrustBIX may be issued by the company as part of the consideration based on the attainment of certain projected revenue metrics and other financial results that would be applicable over the twelve months after the closing of the transaction.
Insight is an edge-to-enterprise supply chain solution that brings asset situational awareness to dealers, rental fleets, and civil construction managers.
The platform allows customers to quickly track, protect, and identify the movement of assets using self-powered and self-reporting cellular tags and a cloud-based suite of tools.
Assignment of tags to assets allows usage reporting for inventory control and auditing tools with out-of-the-box readiness or integration with existing enterprise systems.
As an innovative leader, TrustBIX provides agri-food traceability and chain of custody value solutions.
Its goal is to create a world where we trust more, waste less and reward sustainable behaviour by addressing consumer and agri-food business demands.
The proprietary platform, BIX (Business InfoXchange system), is designed to create trust without compromising privacy through innovative, blockchain-derived use of technology and data.
TrustBIX Inc. (TBIX) is in the grey, trading at C$0.17 at 11:40 am EST.
