Internet of Things to acquire Weather Telematics
Weather Telematics specializes in AI-based predictive road condition weather analytics for safer and connected driving
Canada-based Internet of Things Inc (IOT) has acquired Weather Telematics (WTX), a local data science company specializing in artificial intelligence (AI)-based predictive road condition weather analytics for safer and connected driving, the company said in a press release on 14 May. IOT will pay CAD2.53 million (USD1.97 million) to acquire 100% ownership in WTX, which will include CAD230,000 in cash at closing of the acquisition, CAD300,000 at the six-month anniversary after closing and CAD2 million worth of IOT treasury shares priced on a five-day VWAP (volume weighted average price) over the next five days.
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