GoldSpot to acquire CEO.CA and Geotic
Two companies support growing portfolio of AI-based services Metal Tech News - August 18, 2021
Last updated 8/24/2021 at 3:37pm
Leading artificial intelligence company GoldSpot Discoveries Corp. announced Aug. 16 not one, but two planned acquisitions to bolster the rapidly growing firm, continuing its incredible pace to transform the mineral discovery process using advanced machine learning.
Included in its acquisition spree, GoldSpot entered into a definitive agreement with Spiel Technologies Ltd. and Pacific Website Company Inc. to purchase CEO.CA Technologies Ltd.
CEO.CA owns and operates a leading and fast-growing investment social network currently used by over 8 million corporate executives, and institutional and retail investors with deep roots in the mining industry and other sectors.
Founded in 2012, CEO.CA has seen significant growth since its inception through its social network and premium stock market data service "CEO.CA PRO," a real-time level 2 market depth platform that it offers users through a monthly subscription.
"What makes CEO.CA unique is its industry-leading technology and community of intelligent investors across sectors," said Cejay Kim, GoldSpot's chief business officer. "This acquisition represents a unique opportunity for GoldSpot to bring scaling principles and capital to an already rapidly growing business in a high-value niche. GoldSpot will add its in-house artificial intelligence, machine learning and data visualization expertise to enhance the user experience and develop new value-add products and services."
Each year, CEO.CA connects investors around the world to share knowledge and view impactful stories about stocks, commodities, and emerging companies.
Within the last year, the platform has seen impressive achievements that include:
• 96% year-over-year growth in subscriber revenue
• 295% YOY growth in ad revenue
• 88% YOY growth in pageviews
• 129% YOY growth in members
• 61% growth in unique visitors
"GoldSpot's focus is to unlock value in mineral exploration with data science and machine learning and we are proud to serve more than fifty global exploration companies in this endeavor," said Executive Chairman and President of GoldSpot, Denis Laviolette. "The acquisition of CEO.CA, and the establishment of a technology and media division, is strategic to that vision and provides significant economic potential to our clients and shareholders."
Together with that announcement, GoldSpot reported its intention to also purchase Geotic Inc., an award-winning provider of mining industry software, including applications for geological and geophysical modeling.
Founded in 2002, Geotic operates a portfolio of five cutting-edge tools – GeoticMine, GeoticLog, GeoticGraph, GeoticCAD, and GeoticField – as well as a modular core camera hardware system. From drilling data to 3D modeling, Geotic offers an integrated software solution to hundreds of global junior mineral explorers and senior producers with cost-effective data analytics and an unmatched focus on quality with ease of use over traditional manual data collection methods.
"This acquisition solidifies our commitment to acquire licensable software products and build robust and recurring revenue streams," said Laviolette. "Geotic has generated incredible momentum over the last few years and we are thrilled to add their portfolio to the GoldSpot family. The acquisition will significantly add to our ARR (annual recurring revenue) and annual revenue as we scale these products to our growing client base and the global mining community."
Geotic's software includes:
• GeoticLog – a customizable core-logging platform.
• GeoticMine – a 3D geological modeling and visualization solution.
• GeoticGraph – a drill-hole visualizer.
• GeoticCAD – a cost-effective alternative to common industry tools with an integrated drawing motor.
• GeoticField – a field-based survey data-entry platform.
Geotic also offers a unique drill core photography hardware device that allows for linearized drill photography to be uploaded into the Geotic software suite that GoldSpot plans to implement along with its signature LithoLens.
The purchase of both CEO.CA and Geotic is expected to close before Oct. 31, 2021.
In light of the pattern of purchases by GoldSpot, it is evident that leveraging AI to determine likely mineral deposits will become the simplest of services offered by the company. With the addition of an investment social media platform and a bolstering to its AI-based core imaging technology with Geotic, one could expect GoldSpot to surpass its previously modest capacity and expand into an indispensable titan of the mining sector.