- Future First Technologies (FFT) acquires technology company, EagleSoft, as part of its goal of being a key player in transport solutions
- EagleSoft's technology can accelerate FFT subsidiary Asset Vision's roadmap to build a world-first intelligent asset management platform for transport
- This can offer a more efficient and cost-effective way of analysing roads to optimise planning, repair roads more quickly and improve road safety
- FFT will pay EagleSoft $1.5 million in cash and 15 million shares, as well as up to a further $8 million over the next three years
- Company shares ended the day 8.33 per cent in the green to close at 6.5 cents
Future First Technologies (FFT) has acquired EagleSoft through a share sale and purchase agreement.
EagleSoft is a technology company that has developed an intelligent data capture platform. The platform automatically detects both road defects and asset inventory using artificial intelligence, machine learning, deep learning and neural network techniques from high-definition video footage.
Importantly, its technology accelerates Asset Vision's roadmap to build a world-first intelligent asset management (IAM) platform for transport. For customers, the company says this means a more efficient and cost-effective way of analysing road conditions to optimise planning, repair roads more quickly and improve road safety.
Asset Vision is a subsidiary of FFT after being acquired in November last year. Asset Vision is an intelligent asset management platform that is used by Australian and global companies such as Transport for New South Wales, Downer, Ventia and the Victoria Department of Transport.
FFT CEO Keith Falconer said: "I welcome EagleSoft and its team to FFT. This acquisition strengthens Asset Vision as a full end-to-end IAM platform for the transport sector and it will accelerate our vision to play an integral role in the safety, reliability and availability of every transport network in the world."
EagleSoft Managing Director Chris Mahoney added: "While we will continue to service existing and new clients who use their own asset management tools, integrating our solution into Asset Vision is a natural progression and our team is excited by that and the opportunities that lie ahead."
Future First Technologies will pay EagleSoft $1.5 million in cash and 15 million shares on completion. Additionally, up to $8 million will be paid over the next three years. Like the upfront consideration, the post completion payments will be a mix of cash and shares.
Company shares ended the day 8.33 per cent in the green to close at 6.5 cents.