Inuvo Inc (NYSEAMERICAN:INUV) recently completed all the formalities of a definitive agreement with ConversionPoint Technologies, Inc. As per the agreement, the private eCommerce technology firm will acquire the artificial intelligence (AI) technology provider in a cash and stock transaction valued at around $2.22/share of the common stock of Inuvo. The shareholders of the AI provider will receive $0.45/share in cash and stock value. The estimated per share value is $1.77 or around $75.5 million.
Immediately after the completion of the acquisition process, ConversionPoint will initiate the registrations of shares of common stock by filing a Form S-4 with the Securities and Exchange Commission. The eCommerce company also intends to apply for listing for the Toronto Stock Exchange and NASDAQ Capital Market.
AI-driven consumer behavior technology attract ConversionPoint to Inuvo
The main interest of ConversionPoint behind acquiring Inuvo is patented and AI-driven technology of consumer behavior. The technology uses machine learning to reveal exactly the way a brain of human being instantly connects emotions, objects, ideas, people, and places. This combination of small and large businesses hopefully will provide a new way for effectively competing and increasing online sales for ConversionPoint thereby improving customer lifecycle management and achieving higher media spend ROI.
This platform powered by artificial intelligence now can offer a competitive eCommerce solution for non- Amazon.com, Inc.(NASDAQ:AMZN) channels including Walmart Inc (NYSE:WMT), Shopify, and Big Commerce.
The CEO of ConversionPoint, Robert Tallack said, “Amazon controls nearly half of the $450 million in online retail sales in the U.S. thanks to their proprietary data-driven approach to consumer analysis and marketing. We believe that together our end-to-end, AI powered, eCommerce platform can offer those capabilities to the online retail channel and the direct channel that the market has been actively searching for.”
Inuvo to offer greater level of transparency to eCommerce industry
Rich Howe, the CEO of Inuvo stated that the combined technologies of his company, industry partners, and data sources will offer a greater level of transparency and sophistication to the eCommerce industry across large, medium and small segments of the business. He further added that this combination will allow Inuvo to provide better and more powerful solutions for ConversionPoint’s eCommerce platform.
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