February 2, 2016 -
Australia’s Top End Minerals has signed an agreement to acquire Tel Aviv-based facial recognition company Anyvision.
With this acquisition, Top End will transition away from the resources sector. Completion of the deal is slated for the first half of 2016.
Anyvision says its facial recognition engine works on large numbers of different identities without loss of performance, and can predict field of view, interaction, predict changes in loss or gain weight, and detect disguises such as beards, glasses and hats. The technology is suitable for applications in homeland security and defence, financial services, gaming, pathology, agriculture, and the control of home devices.
Top End says that Anyvision’s team will continue to lead Anyvision and join the board of Top End upon completion of the transaction.
The acquisition terms are largely share based with majority of new shares issues based on performance.
Upon closure of the transaction and approvals, Top End will acquire all of the issued capital of Anyvision from the vendor equity holders for $6 million. This consideration involves $100,000 paid to Anyvision for working capital on the execution of the term sheet and $100,000 per month during the course of the transaction to Anyvision for working capital purposes for three months.
Top End will seek to raise a minimum of $3 million under prospectus to finance working capital for the expansion of Anyvision post completion of the transaction.