Built Cybernetics (AIM:BUC) told investors it has completed its acquisition of Ecolibrium and the associated fundraising, closing out a deal first announced on early October.
The AIM-quoted smart buildings and PropTech group bought Ecolibrium, a loss-making AI and machine-learning building analytics platform operating in the UK and India, to complement its existing Smart Core building operating system with Ecolibrium's SmartSense technology.
Alongside completion, Unbound Holdco has nominated Abhijit Mishra as a non-executive director, a right it holds for as long as it retains at least 5% of Built Cybernetics' issued share capital, and the board has accepted the appointment.
Mishra, 42, is a director and chief financial officer of Unbound and previously held finance roles at Jersey Airtel and Airtel India; he is a member of the Institute of Chartered Accountants of India.
The company also confirmed a change to the funding structure agreed as part of completion: subscriptions for convertible loan agreements by certain Ecolibrium shareholders have been amended so that Unbound advances £350,000 and Greenwave-FZCO advances £150,000, with the terms and total amount otherwise unchanged.
Ecolibrium's consideration shares, including those issued to Unbound in exchange for assignment of a bridge loan, were structured around the Ecolibrium acquisition that Built Cybernetics funded alongside an approximately £3m gross fundraise, comprising a placing, a subscription and a retail offer through Winterflood's WRAP platform.
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