Yinda Infocomm has entered into a definitive agreement to spend €1.5 million ($2.38 million) to beef up its digital identity management capabilities.
The company will do so by taking a 70% stake in an entity called GenesisPro, that is in turned used to hold a mixed portfolio of intellectual property and software bought from Austria-based The Institute of Machine Learning.
The founders of IML are Adam Hegedüs and Roland Trimmel and the IP and software that are part of this transaction are used in facial liveness detection, age classification and know-your-customer checks.
Yinda plans to pay for the acquisition via a mix of cash amounting to €550,000, or around $872,000, and will also issue 7,037,383 new shares at 21.404 cents each worth €950,000 ($1,506,000).
In addition, Yinda will give GenesisPro a convertible loan worth some €600,000.
In addition, each of the IML Founders grants to the Company an option over all of the remaining 30% of the shares GenesisPro to be exercised within two years.
Hegedüs and Trimmel will join GenesisPro as chief technology officer and chief operating officer respectively.
“We now have the complete framework to offer prospective clients with a full end to end E-KYC solution,” says Pierre Prunier, CEO and executive director of Yinda Infocomm.
“This investment is in line with our strategy to emerge as a one-stop identity management and biometrics products and solutions provider,” he adds.
Yinda Infocomm shares closed Sept 10 at 23 cents, down 2.13% for the day and 109.09% year to date.
See also: Yinda Infocomm enter into term sheet to acquire Austrian tech business
