IntelliAM, a prominent software firm based in Sheffield, has successfully acquired the engineering group 53 North. The acquisition took place promptly following the firm’s admission to the Aquis Stock Exchange Growth Market, marking a significant milestone in its corporate expansion.
With a focus on artificial intelligence and machine learning for the manufacturing sector, IntelliAM has secured £5.08 million through a public placement. This development is set to enhance the company’s capabilities in revolutionising asset management within the industry.
The acquisition of 53 North by IntelliAM follows a carefully laid-out strategic plan initiated earlier this year. In March, IntelliAM signed heads of terms to acquire the engineering group, setting the stage for completion right after their listing on the Aquis Stock Exchange Growth Market. This move represents a calculated effort to strengthen IntelliAM’s foothold in the manufacturing tech landscape.
Half of the purchase price has been paid via the issuance of approximately 2.7 million new ordinary shares. The remaining amount, £2.59 million, was settled in cash, reinforcing the firm’s commitment to strategic growth through financial agility.
The IntelliAM platform is designed to deliver significant productivity gains and cost reductions, enhancing the reliability and efficiency of manufacturing operations.
IntelliAM plans to leverage 53 North’s established industry connections to maximise productivity and cost-efficiency for its clients.
Additionally, about £3.3 million will fund ongoing research and development efforts, essential for accelerating platform enhancements.
Chairman David Richards brings valuable industry insights to IntelliAM, fostering a business environment geared towards innovation and growth.
Initial implementations of the IntelliAM platform have already delivered impressive results, particularly in FMCG sectors.
The strategic acquisition of 53 North by IntelliAM underscores a pivotal expansion in the tech-driven manufacturing sector. The combined expertise and resources promise to deliver enhanced operational efficiencies and substantial client benefits.
With a clear focus on innovation and industry leadership, IntelliAM is well-positioned to drive future growth and technological advancement in asset management.
