Vection Technologies (ASX:VR1) settled its acquisition of The Digital Box, acquiring 100% of its issued share capital, according to a Friday filing with the Australian bourse.
The company announced plans to acquire the artificial intelligence firm in August 2024. Vection will integrate its team and technology across its global operations.
The Digital Box's 3D generative AI technology will integrate into Vection's ecosystem, and its AI capabilities contributed to Vection-led deals before the settlement.
Vection settled an initial enterprise value of about AU$12 million by issuing roughly 143 million new Vection shares. It could issue up to 52 million additional shares, subject to The Digital Box meeting certain conditions one year after the acquisition.
The firm's shares rose past 2% in recent trading on Friday and hit their highest since March 2023.
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