Kondor AI has struck a deal to acquire fellow Aquis constituent Ora Technology in an all-share offer as the firms look to consolidate their tech to capitalise on the growing AI agent market.
The proposed offer would entitle Ora shareholders to 0.9848 consideration shares in per Ora share sold.
The deal would value Ora’s shares at approximately 9.95p, an increase of 157% from its IPO price of 3.785p in 2023. This would value the company at £20.67m.
Both company boards have recommended shareholders accept the offer, which will remain subject to regulatory approval.
“This transaction creates a well-positioned and well capitalized pure play AI Company giving the Combined Group’s shareholders the opportunity to participate in potential upside from the complementary Kondor and Ora technologies, with a focus on AI Agents,” said Kondor chairman Jonathan Bixby.
“Shareholders in the Combined Group will benefit from material cost savings and efficiencies along with benefitting from significant future growth opportunities to enhance shareholder returns.”
Kondor AI has generally focused on computer vision-based tools, notably in the form of an AI assistant that can respond to uploaded images and videos.
The company said it has identified an opportunity to create a unified marketplace for businesses and AI agents, called sundae_bar, which would be supported by Ora’s existing infrastructure as a digital carbon credit trading platform.
The combined group’s objective will be to create a marketplace for developers to offer and sell their AI agents.
“Combining the two entities will reduce the total costs of operation and listing compliance and the Board are looking forward to the shareholders benefitting from future growth opportunities in the burgeoning AI Agent sector,” added Michael Edwards, executive chairman of Ora.
The deal was first proposed in September 2024 and was delayed several times as terms were negotiated.
Register for Free
Bookmark your favorite posts, get daily updates, and enjoy an ad-reduced experience.
Already have an account? Log in
