LONDON: Vault Ventures Plc (AQSE: VULT), a publicly traded technology development company focused on blockchain, artificial intelligence and augmented reality, has completed its acquisition of System7, a UK-based AI development agency.
Vault Ventures said Wednesday that the transaction follows a share purchase agreement signed after the initial announcement on June 30. The total consideration for the deal is £1 million, to be paid in new ordinary shares of £0.0001 each.
The first tranche, representing 10% of the consideration, will be met through the immediate issuance of 500 million shares at 0.02 pence per share. The remaining amount will be structured as an earn-out, fulfilled through future tranches of shares, the company said.
System7 specializes in agentic AI systems, large language model (LLM) integrations, crypto-native infrastructure and automation tooling. The company will serve as Vault Ventures’ in-house development and incubation platform.
As part of the acquisition, System7 CEO Nicolas Baxter is expected to join Vault Ventures’ board pending due diligence. A further announcement regarding Baxter’s appointment will be made as necessary, including disclosures under AQSE Rule 4.9.
Vault Ventures said application will be made for the initial shares to be admitted for trading on the Aquis Stock Exchange Growth Market on or around July 10. Following admission, Vault Ventures’ issued share capital will total 17.4 billion ordinary shares.
“This acquisition brings specialist AI capabilities into the group, along with a proven team at the forefront of emerging technology,” Non-Executive Chairman Brian Stockbridge said. “System7 will operate as our dedicated in-house development and incubation platform.”
Lock-in provisions will apply to shares allotted as part of the transaction.