Strategic acquisition to strengthen OneMind Technologies and expand market reach.
Oak Brook, IL. December 23, 2024 – Affluence Corporation, (OTC Pink: AFFU), a Smart City Software and Internet of Things (IoT) technology company, today announced that it has reached an agreement to acquire Mingothings SLU (“MTI”), a specialist in integrated IoT solutions and data analytics for smart cities and connected industries. The two companies have executed a Binding Letter of Intent whereby MTI shareholders will exchange their ownership interest for equity of Affluence Corporation. The companies are working diligently towards closing, anticipated in the first quarter of 2025.
OneMind Technologies (“OMT”) a wholly owned subsidiary of AFFU, utilizes the proprietary OneMindNG platform to integrate key data from disparate systems into a single dashboard, or Hypervisor, and harnesses the power of Artificial Intelligence to revolutionize how businesses interact with data and make decisions. By integrating cutting-edge predictive and prescriptive analytics into OneMindNG, we empower organizations to not only anticipate future outcomes but also receive actionable guidance tailored to their needs. Our AI-driven approach ensures smarter decision-making, operational efficiency and enhanced user experiences. MTI provides the software and services that enable rapid connection to its IOT platform, of all relevant devices and IoT sensors thereby enabling faster and more cost-effective implementation and deployment.
According to Fortune Business Insights, the Smart City and Connected Industries IoT market is projected to grow from $768 billion in 2024 to over $4.6 trillion by 2032, a CAGR of 25.2% during the forecast period. We believe that our newly combined and enhanced product offering, including engineering and integration services, will ensure a streamlined customer experience and allow us to pursue larger deal opportunities within our target markets.
“This is the first step in our planned acquisition strategy to grow Affluence. On a combined basis we believe these companies will deliver in excess of $4 million in revenue in 2025, have EBITDA margins exceeding 10% which will then scale from cost synergies and accelerated growth, and be solidly cash flow positive. MTI brings a large installed base to complement the OneMindNG base enabling greater access to a growing network of world-class partners, resellers and distributors. We are excited for the increased growth potential brought to us through the expanded market reach,” said James E Honan, Jr., CEO of Affluence Corporation.
“We believe that this solidifies our existing partnership and will maximize the potential of both OMT and MTI, facilitate growth through future acquisitions and establish us as a leader in the global Smart City and Connected Industries market. I look forward to the many benefits this partnership will bring for our clients and global partners,” said Thierry Scozzesi, Chief Commercial Officer of OneMind Technologies.
“Combining with Affluence brings exciting new opportunities to push the boundaries of IoT technology in partnership with OMT” said Francesc Domingo, CEO of MTI. “We have a shared vision to expand the frontiers of what is possible in IoT and smart city innovation, bringing new levels of efficiency, safety, and sustainability to the market.”
For further information contact Affluence Corporation Investor Relations at +1 720-295-6409.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, the failure to consummate the proposed acquisition, the failure to retain management and/or key employees of the target company, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.