2nd Jul 2019 11:40
(Alliance News) - Engineering firm TP Group PLC on Tuesday said its subsidiary Sapienza Consulting Holdings BV has agreed to acquire an additional shareholding in Lift BV for EUR700,000.
Lift is based in the Netherlands and builds artificial intelligence systems to support rapid resourcing of large-scale technical projects.
Sapienza initially acquired a 33% stake in Lift in May 2017, as part of its strategy to invest in complementary technology partners.
The transaction takes the Sapienza holding to 69%. TP Group said it will take two seats on the Lift board of directors as a result.
With Lift active in a range of sectors including defence, aerospace, security, government, medical and commercial, TP Group believes it will be able to focus on developing a number of highly complementary growth opportunities for the Lift technologies.
"This investment both broadens and strengthens our position across a number of AI solutions and builds a technology bridge between our existing defence-based AI work in the UK and other AI activities in new markets across Europe," said TP Group Chief Executive Phil Cartmell.
TP Group shares were trading 1.5% lower on Tuesday at 6.77 pence each in London.
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