This site uses cookies to ensure the best viewing experience for our readers.
Horizons Holdings Buys PAI-Tech for $8.8 Million in Stock

Brief

Horizons Holdings Buys PAI-Tech for $8.8 Million in Stock

PAI-TECH offers software that serves as an operational system for the development of intelligent bots

Meir Orbach | 18:50, 02.07.19
Las Vegas-based investment company Horizons Holdings International Corp. has acquired Israeli artificial intelligence bot developer PAI-Tech Artificial Intelligence LTD, the companies announced Tuesday. According to the agreement, Horizons Holdings has issued 10,500,000 common shares to PAI-Tech with funding commitment up to $1 million in working capital for the next twelve months. The deal, valued at $8.8 million, is pending regulatory approval.

For daily updates, subscribe to our newsletter by clicking here.

Founded in 2018 and based in Tel Aviv, PAI-Tech offers software that serves as an operational system for the development of intelligent bots for a variety of sectors and industries. The company was founded through Israeli fintech foundry and innovation center The Floor, which focuses on technology for the banking sector. PAI-Tech has received $1.5 million in funding from the Floor and other investors, according to the company. The company employs six people.

Following the acquisition, PAI-Tech will serve as the technological arm of Horizons Holdings, PAI-Tech CEO Tamir Fridman told Calcalist Tuesday. The $1 million Horizons Holdings has committed will allow the company to grow significantly, he said.

PAI-Tech CEO Tamir Fridman. Photo: PR PAI-Tech CEO Tamir Fridman. Photo: PR PAI-Tech CEO Tamir Fridman. Photo: PR

share on facebook share on twitter share on linkedin share on whatsapp share on mail

TAGS