Engineering Founder and Chief Scientist David Sitsky. Source: Nuix / LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Global software company, Nuix (NXL) is set to take over natural language processing developer, Topos Labs
  • Topos is a US based company that has developed software for computer systems to better understand text and spoken words at speed and scale
  • NXL will acquire all the shares in Topos for an initial $6.7 million, with potential for a further $27.1 million made up of cash and performance rights
  • Subject to closing conditions, the Topos team will join Nuix, upon financial close which is expected this month
  • Shares are trading 2.24 per cent lower at $2.62 at 11:08am AEST

Global software company, Nuix (NXL) is set to take over natural language processing developer, Topos Labs.

Topos is a US based company that has developed software for computer systems to better understand text and spoken words at speed and scale.

Specifically, its artificial intelligence driven natural language processing platform works to surface content faster, and has been designed to provide customers assistance with proactive risk management and regulatory compliance.

By acquiring the company and its early stage platform, NXL plans to integrate its capability and optimise the technology to benefit its customers and further enhance the unstructured data processing power of the Nuix Engine.

The agreement will see NXL acquire all the shares in Topos for an initial $6.7 million on financial close, with potential for a further $27.1 million comprised of $25 million cash payable to the seller of the shares in Topos, and up to $2 million in performance rights payable over 30 months.

Subject to closing conditions, the Topos team will join Nuix upon financial close which is expected this month.

Nuix Engineering Founder and Chief Scientist David Sitsky said it was an exciting acquisition and the integration of the technology would be “game changing” for Nuix’s product portfolio.

Also commenting on the agreement, Nuix CEO Rod Vawdrey said Topos would help strengthen Nuix’s product offering.

“The potential for user-friendly dashboards and for users to easily customise the software to their specific needs also reflects Nuix’sfocus on empowering our customers to search through unstructured data at speed and scale,” he said.

Shares were trading 2.24 per cent lower at $2.62 at 11:08am AEST.


.

NXL by the numbers
More From The Market Herald

" Appen (ASX:APX) positioned to weather pandemic, reaffirms guidance

Data annotation and artificial intelligence company Appen (ASX:APX) has today reaffirmed its guidance for the 2020…

" Appen (ASX:APX) sailing through COVID-19 storm unaffected

Appen (ASX:APX) has reaffirmed its yearly financial guidance and expects only a negligible impact from the…

" Appen (ASX:APX) downgrades earnings guidance as growth stutters

Machine learning and AI specialist Appen (ASX:APX) has downgraded its 2020 earnings guidance due to the…

" MSL Solutions (ASX:MSL) wins Stadiums Queensland contract

Sports, leisure and hospitality SaaS technology provider MSL Solutions (ASX:MSL) has signed a five-year contract with…