TYSONS CORNER, Va. - September 24, 2020 - (Newswire.com)
Executive 1 Holding Company, LLC (EX1), the holder of subsidiary companies that are leading providers of consulting and technology solutions to the federal government (HumanTouch, LLC and CorasCloud, Inc.), has signed a definitive Stock Purchase Agreement to acquire California-based Plasticity, Inc., an Artificial Intelligence (AI)/ Natural Language Processing (NLP) software company in San Francisco, California.
Set to close in October 2020, this strategic acquisition will strengthen and expand the technological capabilities offered by the EX1 family of companies and recognizes the rapid growth in the use and application of AI, NLP and Machine Learning (ML) by consumers, businesses and government. Plasticity’s leading-edge AI/ML/NLP technology platforms will provide the EX1 companies with new avenues for advisory services, Enterprise decision analytics, predictive decisions, cost savings, accountability, efficiency, and data transparency across the spectrum.
As a result of the acquisition, EX1 will pick up a team of data scientists who are AI and NLP experts. The acquisition includes the “Plasticity” software that helps developers create human-like natural language interfaces. The combination of Plasticity with EX1 creates value in several ways:
- Allows EX1 to leverage unique market opportunities, including Federal Government innovation grant programs.
- Offers additional consulting capabilities/ qualifications in the emerging AI/ML/NLP market space (e.g., state-of-the-art analytical data, content library, communication support, social media integration, content report monitoring, content search and exportable report capabilities).
- Opens significant new contract opportunities in the DOD, healthcare and financial markets.
Moe Jafari, CEO of EX1, said “Natural Language Processing is what makes Artificial Intelligence a real, functioning asset to business and government. Our goal is to leverage AI/ML/NLP to better serve our core clients in the DOD. Plasticity’s technology stack and kernels will help our partners further their approach and answer questions yet to be asked. Plasticity’s capabilities and solutions will drive thought, insight and auditable solutions for our Federal Civilian and Military clients’ complex challenges.”
Plasticity, Inc. will remain an independent company and become a wholly-owned subsidiary of the EX1. The creative team at Plasticity, Inc. will be actively involved in supporting customers as well as continuing their work to engineer increasingly sophisticated solutions to complex challenges. Plasticity’s products dramatically reduce cost and “time to insight” while creating accurate information output.
Dan Naselius, President and CTO of CORAS said, “The CORAS Enterprise Decision Management platform uses AI/ML with an array of powerful, real-time decision-making tools. Plasticity’s NLP is like adding rocket fuel to what our software already does to our work for the Armed Forces via execution, accountability, transparency, decision-making and traceability. With Plasticity’s NLP, we will have the first federally focused Enterprise platform that truly listens to its users and uses structured and unstructured data to help them do their jobs better.”
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Original Source: Executive 1 Holding Company to Acquire Plasticity, Inc.