The Bigtincan Holdings Ltd (ASX: BTH) share price is edging higher today following the software company announcing its acquisition of US-based artificial intelligence company VoiceVibes .
In the opening minutes of trade, the Bigtincan share price reached an intraday high of $1.08. However, its shares have slightly retraced to $1.03, up 1.4% at the time of writing.
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What was announced?
According to Bigtincan's release, the company's United States subsidiary, BTC Mobility, completed a stock purchase agreement with shareholders of VoiceVibes. The fulfilled arrangement saw BTC Mobility acquire 100% of the issued capital of VoiceVibes for US$2 million.
The purchase was made possible through Bigtincan tapping into its existing cash reserves. An institutional placement conducted in December set the company up to fund the acquisition.
Bigtincan advised it does not expect the recent takeover to have a material impact on its earnings for FY21.
Who is VoiceVibes?
Located in Baltimore, Maryland, the company specialises in voice analytics through use of artificial intelligence. The company's automated coaching platform lets users make the best impression of themselves when speaking by receiving feedback called "vibes".
Known to have one of the world's largest data sets, VoiceVibes can measure human perception of voice. The proprietary technology is designed to understand how humans perceive emotion and intention from voice.
The technology is used by an array of organisations seeking to develop communications coaching, sales readiness, presentation skills practice, and interviewing.
When Bigtincan adds the VoiceVibes technology to its core sales enablement automation system, the company says it will be able to offer automated coaching and sales guidance to its customers.
What did management say?
Bigtincan co-founder and CEO Mr David Keane touched on the acquisition, saying:
VoiceVibes' AI-powered coaching platform helps professionals make the best impression, every time they speak. By adding the patented VoiceVibes technology, Bigtincan expands our lead in AI for sales enablement and helps our customers train their sellers faster.
Adding to Mr Keane's comments, VoiceVibes CEO Debra Cancro went on to say:
This is an exciting time for VoiceVibes. Joining forces with Bigtincan at this stage enables us to accelerate the application of our patented AI technology and provide cutting-edge insights into sales coaching and training.
Bigtincan share price snapshot
The Bigtincan share price is up almost 40% since this time last year, reflecting investor confidence in the company's operations.
In March, its shares reached a low of 26.5 cents following COVID-19, before storming to a high of $1.60 in October.
