Flex Labs becomes sole owner of real estate-focused AI firm

(Alliance News) - Flex Labs Inc on Friday said it has completed its acquisition of IO+ Pte ...

Alliance News 24 May, 2024 | 1:28PM
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(Alliance News) - Flex Labs Inc on Friday said it has completed its acquisition of IO+ Pte Ltd.

The artificial intelligence middleware products developer initially held 7.5 million shares of IO+, a Singapore-based software company engaged in developing AI products for the real estate market. Flex Labs' stake equated to 5% of the issued share capital.

Flex said on Friday it had acquired the remaining share capital of IO+ for a consideration of 110.0 million new shares in Flex, equivalent to GBP2.75 million at 2.50 pence per share.

The company said an application will be made for the consideration shares to be admitted to trading on the ASQE growth market, with dealing expected to commence on or around May 29.

Shares in Flex were untraded at 2.50 pence each on Friday afternoon on the Aquis exchange. They last traded at 1.50p on Wednesday.

Flex Chair Michael Edwards said: "The core value proposition of AI is that it can fundamentally transform the economics of human based capital intensive industries. The real estate market, valued at over USD10.5 trillion globally, presents a massive opportunity for this type of disruption.

"By harnessing the power of AI, we aim to redefine how properties are bought and sold, offering unparalleled service and accuracy that sets a new standard in the industry."

By Elijah Dale, Alliance News reporter

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