Being AI buys half of IT company Spectrum for $3.3m

Being AI Group CEO David McDonald said Spectrum's sovereign AI platform will support Being's AI-forward charter school ambitions. (Image: Being AI)

Ben Moore

Tue, 06 Aug 2024

Being AI Group will acquire 50% of Spectrum Consulting for $3.3 million and facilitate $1.5m for Spectrum’s management team to acquire the remaining stake.The total value of the acquisition is $6.6m and Being AI has committed a further $4m over 24 months to develop Spectrum’s artificial intelligence (AI) product Lantern AI.That $4m may be used in part or full and is secured via a convertible note that can be redeemed for cash or shares at maturity.Spectrum Consulting, an information technology consultancy, was founded in 2008 b...

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