Patriot One Technologies Inc. (PAT:TSX; PTOTF:OTCQX) announced in a news release it wholly acquired XTRACT Technologies Inc. for $6 million and 9,422,956 Patriot One common shares.
XTRACT develops and commercializes artificial intelligence, machine learning, deep neural network and predictive solutions utilizing its proprietary technology, for public and private entities, including those in the military, government, industrial, environmental and transportation sectors.
The acquisition, which includes all interests, assets and intellectual property, comes after the two firms collaborated in July on enhancing PATSCAN's threat detection accuracy. "Integrating XTRACT more deeply into our development and day-to-day operations made perfect sense," said Patriot One CEO Martin Cronin in the release. "XTRACT's novel neural network architecture and data fusion techniques are robust, efficient and require less memory than comparable standards."
XTRACT will keep operating as its own business unit and under its current name. The XTRACT team will bring artificial intelligence (AI) and machine learning expertise. Its chairman and CEO Kevin O'Neill will serve as an adviser to Patriot One and has been invited to join the company's board of directors.
"The XTRACT acquisition is part of an ongoing strategic initiative by Patriot One to bring together leading edge technologies and services that will enhance the power of its PATSCAN platform," the release noted.
In other Patriot One news, Jeffery Tindale resigned from its board of directors as of Sept. 9, 2019, but will stay on with the company as senior vice president of capital markets.
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