XMachina-AI Inc. Announces Closing of LOI with “The Good Register”
XMachina-AI Inc.is pleased to announce the signing of a non-binding Letter of Intent to purchase all the outstanding shares of The Good Register [‘TGR’], a SaaS product company in the PropTech vertical.
The proposed acquisition of The Good Register represents the 3rd transaction undertaken by XMachina since launching in Q3 of 2021.
The re-setting of global valuations for SaaS – and technology companies, has opened far more potential acquisition targets than we had thought possible. We are currently evaluating 250 potential targets and we see this number exploding in the next several months, our focus on providing product and technology expertise, as well as liquidity and development capital to support growth companies in realising their full potential continues to resonate with founders.” Claude Théoret, CEO, XMachina
The Good Register’s innovative platform automates building maintenance tasks, allowing properties to be more efficiently managed and increasing tenant retention and satisfaction. They have multi-year contracts with top tier clients. XMachina is continuing its due diligence and assessment of TGR – with the objective of concluding the transaction on or before its public market listing later in the summer of 2022.
The opportunity to join the XMachina team comes at the perfect time for TGR. We believe that the combination of XMachina resources and talent – with our vision and expertise – is the right formula for TGR to be successful, we look forward to the exciting opportunities ahead.” Michel Levac, CEO, The Good Register
As AI startups and capital markets seek rationalisation, XMachina will continue to execute its vision of building a world-class Artificial Intelligence-focussed enterprise by acquiring strong, profitable AI companies, while delivering value for its shareholders.