XMachina acquired Brain Public organization planning platform developing company Brain Public. According to the CEO of XMachina, the company plans to become the most diversified artificial intelligence company in the United States with this new acquisition of Brain Public.
XMachina and Brain Public mutually agreed on the terms and conditions for the acquisition of 100% of the outstanding shares of Bain Public. The companies did not provide any information regarding the valuation of the acquisition deal, but it was announced that it would consist of a combination of cash and shares that would close over a defined period of time.
“We see the Bain Public acquisition as part of a strategic growth strategy for XMachina. Firstly, we have an opportunity to grow XMachina revenues through the continued development of the Bain Public brand while adding a layer of in-house product expertise for the targets that we acquire,” said CEO of XMachina, Claude Théroret.
He further added that Bain Public’s presence across the Montréal AI accelerator ecosystem would help bring the best deal flow and presence to XMachina. San Francisco-based business management solutions developing firm Brain Public was founded by Paul Ortchanian in 2017. The company is best known for its product named SOAP that helps various teams in an organization operate efficiently.
SOAP gathers information and structures them accordingly, which helps in product planning and roadmap prioritization based on principles of product strategy, data science, and more. According to XMachina, Brain Public’s expertise has enabled the firm to build a niche services company for the enhancement of enterprise value.
“The acquisition is a milestone for us as it enables more clients within the North American Artificial Intelligence ecosystem to access our proven product management methodologies,” said CEO and founder of Brain Public Paul Ortchanian. He also mentioned that the acquisition would help the team of Brain Public to further increase its capabilities to provide better services to customers.