01/08/2023 – Substrate AI, the artificial intelligence company listed on BME Growth, has closed the acquisition of UK recruitment firm Ifit Solutions for US$4.6 million payable in shares of the company.
The acquisition comes with the purchase of the holding company YAMRO HOLDINGS LTD which encompasses all Ifit Solutions operations worldwide. Ifit Solutions is dedicated to the search and recruitment of talent for large organizations around the world, especially in the IT area and has offices in the UK, Costa Rica, Spain, USA and Mexico from which it provides services to large global companies.
The UK-based company will continue to be managed by its CEO and founder Yann Roche, who will become a shareholder of Substrate AI, and will become the umbrella for all of Substrate AI's HR-related operations that were previously part of the Fleebe company. Thus, Ifit will be able to offer 360 services in the world of Human Resources with artificial intelligence covering the search and recruitment of talent but also talent retention, internal promotion and training of workers, as it was already doing. Fleebe.
"We know that artificial intelligence plays and will play a fundamental role in the world of Human Resources to help workers and companies understand each other better and grow together. Companies like Eightfold.ai in the U.S. have valuations of $2 billion offering the same thing we will offer with Ifit Solutions as soon as we finish the integrations, which gives an idea of the potential of this acquisition for Substrate AI, notes José Iván García, CEO of Substrate AI.
"We at Ifit Solutions are excited about this purchase which means we can scale artificial intelligence in our company and drive it forward with the goal of being a European champion in the world of talent recruitment and retention by leveraging what we already do with new functionality and capabilities." notes Yann Roche, CEO and founder of Ifit Solutions.
Substrate AI was listed on BME Growth in May 2022 as the first artificial intelligence company to be listed in Spain and operates as a holding of companies that sell, apply and develop artificial intelligence in their sectors, with a focus on creating efficiencies that drive the economy on its path to sustainability and emission neutrality.
The companies that make up the Substrate AI portfolio develop and sell artificial intelligence solutions in sectors such as healthcare, agritech, fintech, HR and energy. In addition, the company offers consulting services for other companies wishing to implement artificial intelligence solutions in their day-to-day business.
In addition to BME Growth, the company is listed on the American OTC market and is closing the process of listing on the London Aquis, a market focused on growth companies.