By Tech Edge Editorial Staff
Real estate technology company reAlpha Tech Corp. (Nasdaq: AIRE) said it is set to acquire United Software Group, a global IT consulting company based in Ohio, to boost its AI capabilities.
The acquisition should help reAlpha goal of digitization of the real estate industry as USG specializes in data engineering, backend architecture and product development.
The acquisition will involve a combination of common stock and cash, with cash payments contingent on performance-based earn-out measures. The closing is slated for the first quarter of 2024, subject to regulatory approval.
“Our planned acquisition and integration of USG is a strategic leap forward for reAlpha, serving as a catalyst to further enhance our engineering and AI capabilities, while amplifying our talent pool in this competitive AI-industry landscape,” said Giri Devanur, reAlpha’s founder and CEO. “We believe this synergistic, revenue-producing transaction further propels us towards a future where innovation is not just a goal, but a pivotal new standard in our industry.”