Business
Acquisition of Responsum, Inc.
Acquisition of Responsum, Inc..
About this update from Elixirr International Plc
[{"type":"text","content":"\n\nELIXIRR INTERNATIONAL PLC\n(\"Elixirr\" or the \"Company\")\nAcquisition of Responsum, Inc.\nElixirr International plc (AIM:ELIX) (together with its subsidiaries, the \"Group\"), the established, global award-winning challenger consultancy, is pleased to announce the acquisition of the entire issued share capital and voting rights of, Responsum, Inc. (\"Responsum\"), a US-headquartered firm which has developed proprietary artificial intelligence software (the \"Acquisition\").\n \nHighlights\n \n· Responsum is a US-headquartered firm which has developed proprietary Artificial Intelligence (\"AI\") software\n· The Group's fourth acquisition since IPO in July 2020, fifth overall, and second in the USA - enhancing the Group's presence in this key market\n· The Acquisition brings specialist services in emerging technology, and large language model (\"LLM\") and generative AI into the Group, complementing the Group's existing service offering and iOLAP Inc.'s (\"iOLAP\") data and analytics capabilities in particular\n· The global AI market is forecast to grow from US$208 billion in 2023 to US$1.8 trillion by 2030[1]. Consequently this acquisition positions the Group to capitalise upon the growing demand from clients for support in understanding how to implement and benefit from AI\n· The Group has already worked closely alongside Responsum on several client engagements prior to the acquisition, with a partnership between Responsum and the Group announced on 3rd August 2023. Since then, 40+ client opportunities have been identified, validating the opportunity\n \n \nReasons for the Acquisition\n \nResponsum helps organisations realise and implement solutions using the latest in AI, machine learning and generative AI models like GPT-4. The platform can be used across different industries by sales teams to scale productivity, performance and data hygiene; support teams to reduce costs and improve the customer experience; executives and managers to streamline access to internal data and reporting; and researchers to analyse documents and data at scale.\nThe Group was already working closely with Responsum prior to the acquisition and sees a significant opportunity to offer its consulting services in conjunction with ...