3/11/2023 – Substrate AI, the Spanish artificial intelligence company listed on BME Growth, has acquired 70% from Binit, a software development and digital transformation consultancy with more than 100 employees and presence in Spain, UK and Latam.

The price of 70% has been 6M euros payable in shares of the company in a transaction that increases the capabilities and talent of Substrate AI at a time when it must meet the challenges of product development and technical support that have both its investees and all those companies that approach Substrate AI to implement artificial intelligence solutions in their processes.

Binit's team will complement Substrate AI's development team by increasing the group's capabilities in all areas of development and enhancing its products in the areas of fintech, agritech, HR, or healthcare at a time when the requirements in these areas for both development and technical support are growing.

Substrate AI is the first Artificial Intelligence company 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 towards 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, Human Resources, Energy and now Legaltech. In addition, the company offers consulting services for other companies that wish to implement Artificial Intelligence solutions in their day-to-day business.