The acquisition of Division By Zero AB expands Brighter’s IP portfolio with unique technology for, among other things, feedback human response to targeted stimuli.
Brighter has offered to acquire 100% stake in Division By Zero through a share issue equivalent to 2.70 shares in Brighter per 1 share in Division By Zero. With the support of the Annual General Meeting’s authorization Brighter AB will issue a maximum of 2,615,279 new shares as consideration for the acquisition. Shareholders in Division By Zero that together represent 90.2% have accepted Brighter offering and signed an agreement to sell their shares.
Based on the volume weighted average price paid for Brighter’s shares during the thirty trading days immediately preceding the announcement of the offer to the shareholders in Division By Zero, the Board of Brighter estimated the consideration for the assets contributed to just over SEK 6.1 million. Subscription of shares shall be made on a subscription list no later than October 9, 2015 or, if the offer is extended, such later date will be communicated by the Board of Directors. Shares in Division By Zero will be contributed to Brighter by 9 October 2015 or, if the offer is extended, such later date will be communicated by the Board of Directors.
Division By Zero AB will be a subsidiary of Brighter AB and will continue to manage the sale of the jDome products BikeAround and WalkAround(TM). IP and R&D will be transferred to the Brighter AB.
During 2014 Division By Zero AB had net sales of SEK 1,024 thousand and a loss of SEK -2,095 thousand. During the period January-June 2015 net sales amounted to SEK 644 thousand, an increase of 47% compared to the same period in 2014. From June 30 2015 and up to the date of signing of the deal, net sales increased by a further SEK 615 thousand.
Division By Zero’s technology is already used in the company’s product jDome® BikeAround®, which quickly has become popular for activation and rehabilitation at various medical facilities. The user bikes in a sphere where any environment can be projected around through Google Street View. The implementation was done in collaboration with Google’s developers.
“Division By Zero is a company with unique expertise that adds an important piece to the Benefit Loop, Brighter’s platform to collect, process, analyze, and return data in the treatment chain for continuously improved treatment compliance and recommendation. Augmented Reality (AR) and Virtual Reality (VR) technology is attracting many investors and companies like Google, Facebook and Nokia have already started fighting over the market. See for example Oculus that was acquired by Facebook or Google’s investments in Magic Leap. Combining AR and VR with the collection and analysis of data can be very interesting”, says Truls Sjöstedt, Brighter’s CEO and founder.
The innovator, and founder of the Division By Zero, John Nilsson, is a creative software developer whose quest for the perfect gaming experience has led to the health product BikeAround, which the company developed together with Hälsoteknikcentrum Halland. Division By Zero has captured the interest from a variety tech companies over the years.
“I look forward to working with Brighter’s skilled developers and expand what is possible to include and extract from the Benefit Loop”, said John Nilsson, Head of Development and founder of Division by Zero.
“Brighter vision of data-driven healthcare with the user’s own body and soul at the center is extremely strong. With the technology we developed based on Microsoft’s Kinect technology, we’ve created many new opportunities to get important information from users that can be used to, among other things, adjust therapies, medication and improve tracking.”
Source: Brighter AB
Photo: Klas Sjöberg