Perth-based Ookami Limited (ASX: OOK) has continued on its acquisition strategy path by entering into an agreement to acquire an equity position in award-winning blockchain company Brontech Pty Ltd.
The acquisition fits with Ookami’s business model is to develop an ecosystem of advanced technology solutions encompassing ‘smart contracts’ and blockchain technologies, secure identity management and verification (‘Know Your Client’) (KYC) and anti-money laundering (AML) applications, data analytics, cryptocurrency solutions and security and encryption applications.
The company said these should be both complementary to the company’s recently acquiued Akela Platform, whilst also allowing for mass adoption by third parties within the ecosystem.
The company said it identified the Brontech technology as having key strategic synergies. Brontech has developed a data marketplace and digital identity platform that collects data directly from its users. Brontech’s data marketplace, built on blockchain ‘lossless’ technology, disrupts the traditional data brokerage models such as those offered by Equifax, Experian and Acxiom by empowering people to capture the monetary value of their personal information.
Unlike centralised data driven models where third parties (e.g. Google and Facebook) hold contextual data on their users without the intention for its cross domain utilisation, Brontech enables its data wallet holders to use this information across contexts and to actively participate in the Perth-based Ookami Limited (ASX: OOK) has continued on its acquisition strategy path by entering into an agreement to acquire an equity position in award-winning blockchain company Brontech Pty Ltd.future of the data driven economy. Most importantly, the company is empowering users to have a higher level of control over how their personal data (anonymised or including Personally Identifiable Information-PIIs) is shared with third parties.
Brontech’s data exchange platform can incorporate Facebook, Twitter, LinkedIn and Google+ identity data feeds with up to 10,000 unique data points per customer. The company is actively working to incorporate additional data sources such as bank feeds, shopping accounts, governmental sources etc.
Ookami will acquire a strategic equity holding of 18.23% in Brontech Pty Ltd, for A$933,240. This is part of an A$1,000,000 capital raise facilitated by Cadmon Advisory.
Brontech Founder and CEO, Ms Emma Poposka, will be appointed to the Board of Ookami as a non-executive Director upon shareholder approval.
