LONDON, UK: Elixirr International plc (AIM:ELIX) announced the acquisition of the entire issued share capital and voting rights of Responsum Inc., a US-headquartered firm which has developed proprietary artificial intelligence software, for a maximum consideration $6.4 million.
Responsum helps organisations realise and implement solutions using the latest in AI, machine learning and generative AI models like GPT-4.
The platform can be used across different industries by sales teams to scale productivity, performance and data hygiene; support teams to reduce costs and improve the customer experience; executives and managers to streamline access to internal data and reporting; and researchers to analyse documents and data at scale.
The Group was already working closely with Responsum prior to the acquisition and sees a significant opportunity to offer its consulting services in conjunction with Responsum’s AI platform to its client base.
Responsum’s LLM and generative AI expertise, combined with iOLAP’s technology and data capabilities together with Elixirr’s strategic consulting expertise, will enable clients to not only accelerate the adoption of the technology, but use it in the most valuable ways.
This acquisition also builds on Elixirr’s organic growth in the AI market, as evidenced by Elixirr’s most recent Partner hire, John Kalil, who brings previous experience as Chief Customer Officer at Noodle.ai.
Responsum was co-founded by Steve Steinberg (CEO) and Adam Hofmann (Chief Marketing Officer). Steve will continue to lead the business following the Acquisition.
Founder & CEO of Elixirr, Stephen Newton said: “Bringing Responsum on board will allow us to engage with our clients in a way that is very differentiated in the market – combining strategy and execution together under one roof, empowered by the tech of tomorrow. This acquisition enables us to be anchored in a core capability but provide the wider strategic services needed to make a real difference for our clients’ organisations. This is just one of many acquisitions we intend to make in areas that add real value to the change journeys and value creation opportunities our clients have.”
Co-founder & CEO of Responsum, Steve Steinberg said: “Generative AI presents huge opportunities for businesses. That’s exactly why we founded Responsum – to help clients unlock the power of this technology to drive efficiency, value and creativity. As part of Elixirr, not only can we now bring our technical expertise to a wider range of businesses across the globe, but also strengthen our offering through the power of the Elixirr brands. Working together over the past year I have also been able to see the cultural alignment between our teams – an entrepreneurial drive in every individual and a real passion for clients’ success. Coming together will give us the best possible opportunity to help more companies reach their full potential and effect real change using AI.”