BigBear.ai Announces Definitive Merger Agreement To Acquire Pangiam; The Purchase Consideration Is Approximately $70M On A Cash-Free, Debt-Free Basis In An All-Stock Transaction
Portfolio Pulse from Benzinga Newsdesk
BigBear.ai has announced a definitive merger agreement to acquire Pangiam, a leader in Vision AI for global trade, travel, and digital identity industries. The purchase consideration is approximately $70 million in an all-stock transaction. The combined company will establish a comprehensive Vision AI portfolio, uniting Pangiam's facial recognition and advanced biometrics capabilities with BigBear.ai's computer vision capabilities. The acquisition is expected to close in Q1 2024, subject to approval by BigBear.ai's shareholders and regulatory approval.
November 07, 2023 | 10:52 pm
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BigBear.ai's acquisition of Pangiam for $70M in an all-stock deal could strengthen its position in the Vision AI industry. The deal is expected to close in Q1 2024, subject to shareholder and regulatory approval.
The acquisition of Pangiam, a leader in Vision AI, could significantly enhance BigBear.ai's product portfolio and market position. However, the deal is subject to shareholder and regulatory approval, which introduces some uncertainty. The all-stock nature of the deal indicates BigBear.ai's confidence in its own stock value.
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