31st Jan 2020 12:31
(Alliance News) - Ultimate Sports Group PLC is in "advanced" talks over an investment into an artificial intelligence company, it said on Friday.
The investment vehicle said the company provides machine learning to asset managers and other financial services companies. Ultimate Sports's current investments have sport-orientated operations.
To reflect this new strategy, Ultimate Sports said, it will be changing its name to Catena Group. Shareholders will vote on the name change on February 17 at a general meeting.
"Artificial intelligence will completely transform industries across the board. Financial services will be an extraordinary beneficiary of this shift: With more than USD1 billion in cost savings expected as portfolio analysis, valuation, risk management, and other key capabilities of the sector are enhanced by AI. With such benefits it is clear why global artificial intelligence spend is projected to reach USD78 billion in 2022, growing at an annual rate of 37%," said Chief Executive Matthew Farnum-Schneider.
"We are pleased with progress to date regarding expanding into this high growth and exciting field, and I look forward to updating shareholders in due course."
Ultimate Sports also said subsidiary Sports in Schools continued its "strong" performance in the second half of 2019.
Shares were 9.6% higher on Friday in London at a price of 28.50 pence each.
By George Collard; [email protected]
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