While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about AgileAlgo, IGTA, and the proposed business combination.
Upon closing of the business combination, the combined company, a company incorporated in the
Seeking to Disrupt the Software Consulting Industry
AgileAlgo, which stands for Agility-in-Algorithm, seeks to address the problem of insufficient data scientists and engineers to support AI work, and the development and delivery of software. The enterprise software engineering and consulting industries still relies on significant manpower. By leveraging Generative AI that optimises software delivery capabilities, AgileAlgo will greatly reduce manpower requirements and effort for system integration roles over time.
AgileAlgo focuses on the use of multiple AI techniques including graph neural networks, a deeper form of Machine Learning, to develop AI use cases for end customers. With their proprietary natural language-based AI code generator platform, AgileAlgo can scale exponentially through a self-serve approach. This enables end customers to, extract of intelligence through natural language across their diverse data sources, facilitating the creation of a next-generation knowledge base for businesses.
Prodigy’s Impact as an AI-Powered Software Consulting Business
After being publicly listed and rebranded to
The Combined Company’s goal will be to become the industry leader by delivering outcomes at the lowest possible cost, primarily by reducing the reliance on human intervention. While certain regions currently rely on offshoring for development, the Combined Company will aim to offer development as a universally accessible feature, potentially disrupting traditional practices.
Management Commentary
“In envisioning a bold departure from traditional consulting paradigms, AgileAlgo’s unique model will signal a transformative shift in the industry's playbook.
“Soul Ventures is delighted to be able to partner with them and we will leverage their deep expertise in AI and access to capital to support the growth and development of the Combined Company, driving value creation for investors and advancing the frontier of artificial intelligence technology. In partnering with such an experienced and visionary team in AgileAlgo, and being able to help them revolutionise software consulting,
“With AgileAlgo's cutting-edge technology and IGTA's financial resources, the partnership is well-positioned to disrupt traditional approaches to software development. By leveraging AI, the alliance seeks to streamline processes, enhance efficiency, and ultimately redefine industry standards. Moreover, by democratizing access to software development tools and knowledge, the collaboration aims to empower a broader spectrum of individuals and enterprises, unlocking new opportunities and driving inclusive growth across the sector. This partnership represents a bold step forward in shaping the future of the software industry, one that holds immense potential to deliver value to shareholders while fostering greater accessibility and innovation for all stakeholders involved.”
Francis Lee, whom will be Co-CEO of the Combined Company alongside
“The strategic alliance between AgileAlgo and IGTA heralds a game-changing venture in the software landscape from a commercial perspective. This collaboration is not only poised to redefine the commercial dynamics within the software sector but also aims to leverage the transformative potential of AI to drive tangible value for stakeholders.”
“The partnership represents a strategic alignment of strengths aimed at reshaping market dynamics and creating unparalleled commercial value. The collaboration aims to unlock new revenue streams and cultivate a broader customer base, thereby fortifying its commercial foothold. This union underscores a strategic imperative to capitalize on emerging trends and seize opportunities for sustainable commercial growth, positioning both companies as frontrunners in the ever-evolving software landscape.”
About AgileAlgo
For more information, visit https://www.agilealgo.ai/.
About
For more information, visit http://www.inceptiongrowth1.com/.
About
For more information, visit, https://www.soulvc.com/.
Important Information About the Proposed Business Combination and Where to Find It
In connection with the proposed business combination, IGTA has filed relevant materials with the
Investors and security holders may obtain free copies of the proxy statement/prospectus (if and when available) and other documents that are filed or will be filed with the
Participants in Solicitation
IGTA and AgileAlgo, and their respective directors and executive officers, may be deemed participants in the solicitation of proxies from IGTA’s stockholders in respect of the proposed business combination. IGTA’s stockholders and other interested persons may obtain more detailed information about the names and interests of these directors and officers in the Registration Statement on Form S-4, which includes a proxy statement/prospectus, that has been filed with the
This press release does not contain all the information that should be considered concerning the business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Before making any voting or investment decision, investors and security holders are urged to read the registration statement on Form S-4, the definitive proxy statement/prospectus and all other relevant documents filed or that will be filed with the
No Offer or Solicitation
This press release will not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the business combination. This press release will also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as amended, or an exemption therefrom.
Forward-Looking Statements
The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to the proposed business combination. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value, the benefits of the proposed transaction, integration plans, anticipated future financial and operating performance and results, including estimates for growth, and the expected timing of the transactions. Consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of IGTA’s securities; (ii) the failure to satisfy the conditions to the consummation of the business combination, including the approval of the Business Combination Agreement by the stockholders of IGTA; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; (iv) the outcome of any legal proceedings that may be instituted against any of the parties to the Business Combination Agreement following the announcement of the entry into the Business Combination Agreement and proposed business combination; (v) the ability of the parties to recognize the benefits of the Business Combination Agreement and the proposed business combination; (vi) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (vii) statements regarding AgileAlgo’s industry and market size; (viii) financial condition and performance of AgileAlgo, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the business combination, potential level of redemptions of IGTA’s public stockholders, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of AgileAlgo; (ix) the impact from future regulatory, judicial, and legislative changes in AgileAlgo’s industry; (x) competition from larger technology companies that have greater resources, technology, relationships and/or expertise; and (xi) those factors discussed in IGTA’s filings with the
Contact:
Chief Executive Officer
cheukhangchow@inceptiongrowth1.com
(315) 636-6638
Co-Chief Executive Officer
tony.tay@agilealgo.com.sg
(65) 9680-8483
Francis Lee
Co-Chief Executive Officer
francis.lee@agilealgo.com.sg
(65) 8322-0331
Source:
2024 GlobeNewswire, Inc., source