Bigtincan Completes Modus Acquisition and Invests in Generative AI: Business Update

Bigtincan Holdings Limited (ASX:BTH), a global software company specialising in AI-powered sales enablement automation, is thrilled to announce the successful completion of its acquisition of Modus Engagement, Inc. The acquisition, valued at US$9. 5 million, was funded from Bigtincan's cash reserves, which had been set aside from the Institutional Placement of $30 million on December 8, 2023.

Modus is a leading creator of the Modus Virtual Product Tours and Modus Lead Capture Solution. With this acquisition, Bigtincan gains access to Modus' unique technology and a robust customer base, perfectly positioned to align with Bigtincan's Multi-Hub product strategy. The integration of Modus is expected to generate cost synergies of approximately $1 million and cross-sell and upsell opportunities of around $3. 5 million following the integration.

Story Continues.. after this ad because we need some dollarydoos

Moreover, Modus is projected to have a positive impact on Bigtincan's performance in FY24.

This acquisition marks the fulfillment of the strategic M&A transactions announced as part of the $30 million placement in December 2022, further strengthening Bigtincan's market position.

In addition, as Bigtincan continues to innovate in the field of Generative AI, the company has entered into a binding heads of agreement with Regal Funds Management Pty Limited, one of its largest institutional shareholders. This agreement provides Bigtincan with a loan of $15 million to support the ongoing development of its Generative AI family of products, specifically its GenieAI TM.

Furthermore, Bigtincan confirms the progress of the previously announced Bigtincan Independent Board Committee (IBC) in engaging with interested parties regarding potential control transactions. These engagements are expected to update the market on the progress before the release of Bigtincan's full-year results in August 2023. The indicative price of 80 cents per share sets the tone for these discussions.

Modus Engagement, Inc. , the acquired company, is a key player in sales enablement, catering specifically to the manufacturing industry. With esteemed clients such as Caterpillar, Nilfisk, and Toro, Modus brings over 100 new customer logos and an impressive ~AU$7. 5 million in Annualised Recurring Revenue (ARR). The cutting-edge technology offered by Modus will be seamlessly integrated into the Bigtincan platform, enhancing features such as Virtual Product Tours—a technology that generates immersive 3D product tours, trade show booths, and sales playbooks. Additionally, Modus Lead Capture® Solution enables seamless scanning of customer details, instantly syncing them to CRM systems. Founded in 2013, Modus is based in Minnesota, USA, and boasts a dedicated team of 17 employees.

The completion of the Modus acquisition comes as an exciting development for Bigtincan, aligning with its vision of empowering sales teams through advanced technologies. More details regarding the Modus acquisition, including product highlights, can be found on Bigtincan's website at https://www. bigtincan. com/.

With the successful acquisition of Modus and the strategic investment in Generative AI, Bigtincan continues to solidify its position as a leader in sales enablement automation, delivering innovative solutions to drive customer success and enhance sales productivity.

Promote your business on our growing investor platform: Advertise With Us

Like

194 Share

Trending