Xigem Technologies Corporation (XIGM) has entered into a binding letter of intent on October 29, 2021, to purchase the assets of Cylix.
The purchase price of $32.35 million will be paid entirely through the issuance of securities of Xigem.
Xigem and Cylix are working towards the completion of closing conditions, including the receipt of regulatory approvals and the execution of definitive agreements.
The company anticipates completing the transaction before the end of this year.
Xigem’s strategy is to aggregate a portfolio of innovative and disruptive technologies to help organizations thrive in today’s remote economy.
Cylix, with a proprietary database holding more than 74 million continually refreshed data points, is poised to become one of the leading aggregators and originators of corporate and personal data in the Big Data market.
The exponential growth of data in the remote economy creates both opportunities and challenges for the businesses that must navigate it.
According to IDC, the amount of data created or replicated worldwide is accelerating due to the dramatic increase in the number of people that are working, learning, and entertaining themselves from home, but less than 2 per cent of all data is retained.
Organizations that effectively store and access data can become more resilient, develop new revenue streams and improve customer satisfaction and loyalty.
Xigem is positioned to become a leading technology provider for the emerging near trillion-dollar remote economy, with software capable of improving the capacity, productivity, and overall remote operations for businesses, consumers, and other organizations.
iAgent, the company’s patented technology, and FOOi, its proprietary peer-to-peer mobile payments app, will provide organizations, businesses, and consumers with the tools necessary to thrive in a vast array of remote working, learning and treatment environments, while it looks to aggregate a portfolio of innovative technologies capable of disrupting traditional business models.
Xigem Technologies Corporation (XIGM) is down 14.29 per cent, trading at C$0.09 as of yesterday at close.