Being AI to acquire Spectrum in $6.6m deal

Being AI has announced a conditional joint venture arrangement with the senior management team of Spectrum Consulting, in a move to facilitate the acquisition of Spectrum.

The deal involves the acquisition of 100% of Spectrum's shares for $6.6 million.

Being AI will acquire a 50% interest in Spectrum for $3.3m and also provide up to $4m of growth capital funding over 24 months for Spectrum's Lantern AI initiative.

Spectrum, an IBM Gold and Red Hat Partner, has developed Lantern AI – described as the world's first safe, secure, sovereign AI cloud platform.

The transaction is expected to be completed by Sept 30, 2024, subject to the satisfaction of conditions.