Infomedia (ASX:IFM) signed a binding agreement to acquire 50% of European artificial intelligence (AI) start-up Intellegam for 6.1 million euros, according to a Friday filing with the Australian bourse.
The deal aims to enhance Infomedia's product suite with Intellegam's generative AI technology, which improves repair data interpretation and customer experience in the automotive sector, the filing said.
The transaction involves a mix of cash and 2.9 million Infomedia shares, with 1.2 million euros invested into Intellegam for working capital, the filing added.
Infomedia also has the option to acquire the remaining 50% of Intellegam over five years, based on financial and strategic goals, the company said.
The deal is set to close by March 1, with no significant impact expected on Infomedia's fiscal 2025 financials, the company added.
Shares of the company rose nearly 2% in recent Friday trade.
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