Temple Bright advises on sale of AI search platform Aleph Search to Attraqt
London and Bristol law firm Temple Bright has advised the shareholders of Aleph Search, the AI search technology business, to AIM-listed software company Attraqt Group.
Aleph Search makes available AI product search functionality to online businesses, increasing customer traffic and conversion rates. The Aleph Search tool provides state of the art deep learning, natural language processing and computer vision, enabling precise queries with flexible and colourful language.
Attraqt Group leads the market in merchandising-led shopping experiences, using smart data to enable leading brands to optimise their e-commerce performance.
The deal, which completed last week, involves a purchase price of £350,000 in cash plus £3.6 million newly issued shares in Attraqt Group.
Attraqt CEO Mark Adams said: “The acquisition will enable us to not only immediately enhance the group’s AI search capability and accelerate our product roadmap by an estimated two years, but also enhances our competitive advantage.
“We have been working together with Aleph for six months and we have already seen the combined offering provide tangible results to our existing customers, generating approximately 20% to 60% higher conversion rates in proof of concept trials. Importantly, we are confident that the combined offering will give us the opportunity to increase our new business win rate and to further upsell into our existing base through a more competitive offering.”
Aleph Search’s Duncan Blythe said: “We are delighted to have joined Attraqt at this crucial point in the development of the Aleph Search business. There are obvious and natural synergies in the two firms’ offerings to customers and we have forged a fruitful relationship with Mark and the team at Attraqt over the past six months.
“We are looking forward to taking Aleph Search to the next level as part of the Attraqt family, with the benefit of greater resources, a strong team at the top and a shared vision for the future.”
The Temple Bright team comprised partner Alex Pyatt (corporate), Dan Pearce (IP and technology) and Jonathan Poole (corporate).
Alex Pyatt said: “We are delighted to have seen this exciting deal through to completion, advising a group of true innovators on what is sure to be a watershed moment for Aleph Search. The business has grown rapidly and it is at the point where it is well positioned to benefit from the additional opportunities generated by a market-leading partner such as Attraqt. It was a real pleasure working with Timo, Duncan and Alex and we will be watching with great interest how things develop for the newly combined business.”
Temple Bright was launched in Bristol in 2010, using a tech-enabled, streamlined business model. It opened a second office in London EC2 in 2013 and now has 74 partners, evenly spread across the two locations. The firm advises clients ranging from startups to PLCs across a range of sectors, with significant expertise in technology.
This article appeared on the Bdaily website on 12 October 2020.