Xalles, a FinTech holding company leveraging blockchain technology for financial reconciliation and payment auditing solutions has announced the company it has executed a share purchase agreement to acquire 100% of MinervaWorks, an Atlanta based technology company.
The transaction is expected to complete by March 31, 2020. After the acquisition, MinervaWorks Founder and President Rodney Bowers will continue in his role during an extended three-year transition period. According to the agreement, Xalles Holdings Inc. will acquire all of the common shares of MinervaWorks which in turn wholly own the two subsidiaries, Minerva Automation, Inc. and MinervaWorks, LLC.
“MinervaWorks is a very strategic and accretive acquisition for Xalles because of the people, clients, products and services that MinervaWorks brings to the Xalles family of companies. Our team is excited to help expand the MinervaWorks services into new markets, bring additional artificial intelligence capabilities, and dramatically increase revenue through The Brick through new marketing and sales channels. In times of crisis, businesses see a rise in cyber security threats and MinervaWorks products and services protect businesses to ensure that companies and their IT operations can survive and thrive,” said Thomas Nash, Xalles Holdings CEO.