MDGS - Xylo Technologies Signs LOI to Acquire a Leading AI Technology Company Based in Germany | Benzinga
TEL AVIV, Israel, May 21, 2024 (GLOBE NEWSWIRE) -- Xylo Technologies Ltd. (NASDAQ:XYLO) ("Xylo" or the "Company"), a technology-based company engaged in advanced innovative technologies, announces today it signed a letter of intent ("LOI") for the strategic acquisition of a leading German company specializing in developing artificial intelligence ("AI") predictive maintenance and condition monitoring technologies as well as other AI tools and technologies for various industries (the "Target Company"). This potential acquisition could mark the expansion of Xylo's portfolio to advanced AI technologies that are being integrated in various market segments and industries.
The Target Company, a European leader for over 10 years in merging AI, machine learning algorithms with advanced hardware solutions, turning existing processes into more efficient and environmentally friendly. The Target Company is already providing services to multiple leading global entities in sectors including aerospace, aviation, transportation, real estate, security, and more, demonstrating its various areas of ability and expertise. Its unique approach of making manufacturing equipment smarter and more connected aligns with Xylo's strategy of growing and developing high-growth potential technologies.
Pursuant to the LOI, subject to the ...