IntelliAM completes £5m acquisition of 53 North following admission to Aquis
Summary
South Yorkshire software company IntelliAM has completed the acquisition of engineering group 53 North a day after launching on the Aquis Stock Exchange Growth Market. IntelliAM, based in Dinnington, Sheffield, specialises in AI and machine learning for the manufacturing industry, and this week saw the business start trading on the AQSE, raising £5.08m in the placing. IntelliAM was formed to use AI models to increase operating efficiencies for clients, and its vision is to harness the power of artificial intelligence through machine learning and to revolutionise asset management within manufacturing. • Go here for more Yorkshire and Humber news Back in March it signed heads of terms to acquire 53 North, saying it planned to complete the deal immediately after being admitted to the AQSE market. On entry to the market, it said: “The directors believe that the IntelliAM platform enables fast, accurate and secure ingestion of data to provide valuable insights for clients that lead to higher revenue and lower costs through improved productivity, increased reliability, energy savings and improved supply chain.” It said the gross proceeds of the £5.1m fundraise would be used to pay the fees and expenses relating to the flotation, and to pay the initial cash consideration in relation to 53 North.