SYDNEY, AUSTRALIA: Skyfii Limited, an omnidata intelligence company, has completed acquisition of CrowdVision, a highly complementary Artificial Intelligence, computer vision and video analytics company, a news release said.
The acquisition of CrowdVision delivers Skyfii a leading presence in the global airport vertical. The timing of the transaction is strategically counter-cyclical and provides significant scope for Skyfii to generate revenue uplift as global air travel, and airport infrastructure investment, continue to normalise post the impact of COVID-19.
Skyfii’s integration of CrowdVision has performed ahead of expectations with the technology platforms aligned and all staff fully onboarded to Skyfii’s operating systems.
The integration and initial business development activities have reinforced the strategic and revenue opportunities from the acquisition, including the ability to leverage the technology into new verticals with similar use cases including Stadiums, Casinos, Rail/Transit hubs.
Skyfii will issue 26.67 million Skyfii shares to satisfy the deferred consideration for the acquisition of CrowdVision Inc. No further consideration amount was paid.
Commenting the completion of the CrowdVision acquisition, Skyfii CEO and Managing Director Wayne Arthur said: “CrowdVision’s AI driven computer vision technology solutions are highly complementary to Skyfii and extend our presence in the large and lucrative global airport vertical.
Our ability to leverage the CrowdVision platform to drive and execute on a range of new business development opportunities in both the airport vertical and other verticals will deliver significant upside to existing revenue levels, underpinning the strategic rationale for the transaction.”