Kognitiv announced that it has acquired Xtreme Blockchain Labs Inc. (XBL) from Extreme Venture Partners (EVP), G3 Capital and other shareholders. The acquisition closed on June 14, 2019.
Financial terms were not disclosed. The terms of the acquisition likely has a performance payment component, as Kognitiv said the sellers will be actively involved in working with Kognitiv to meet its performance targets.
Toronto based XBL was established with the vision of operating as a blockchain-enabled compliant, regulated and secure platform for the issuance, tokenization and trading of alternative assets.
Kitchener, Ontario based Kognitiv provides secure and compliant B2B technology as well as a unique business model designed to optimize yield. Kognitiv enables its clients and partners, using a unique consumer ID, to provide quantifiable value in conjunction with their products, including unique content and services, to their most important consumers.
Kognitiv is backed and funded by family offices and private investors.
photo credit: Xtreme Blockchain Labs
News Release
Kognitiv Acquisition of Xtreme Blockchain Labs Accelerates Ability to Trade Alternative Asset Classes
Addition of Blockchain and Distributed Ledger Technology brings secure and compliant trading to Kognitiv’s clients and partners
TORONTO, July 16, 2019 /CNW/ – Kognitiv is pleased to announce the completion of its acquisition of Xtreme Blockchain Labs Inc. (XBL) of Toronto, Canada on June 14th, 2019.
Kognitiv provides secure and compliant B2B technology as well as a unique business model designed to optimize yield. Kognitiv enables its clients and partners, using a unique consumer ID, to provide quantifiable value in conjunction with their products, including unique content and services, to their most important consumers.
XBL was established with the vision of operating as a blockchain-enabled compliant, regulated and secure platform for the issuance, tokenization and trading of alternative assets.
Kognitiv is rapidly gaining momentum globally with the introduction of its Unified Commercial Model (UCM) which serves to build, enable and scale transformative B2B trading relationships; such relationships are particularly advantageous to key verticals that have excess capacity with sub-optimal yields.
“The powerful addition of XBL to Kognitiv’s existing Unified Commercial Model creates the opportunity for clients and partners steeped in technology to create their next act. An act that will see consumers recognize the benefits they truly deserve. All that requires is for them to activate their trading accounts.” said Peter Schwartz, Founder and Chairman of Kognitiv. Schwartz continued, “I’m looking forward to realizing this new era with Kognitiv’s clients, colleagues and partners. Our momentum shows that the market is ready for this next evolution.”
“XBL and Kognitiv have identified several large and lucrative but inefficient asset classes and markets that are prime candidates for the application of our technology and expertise. Together, we are well-positioned to help clients monetize their assets better, raising yields and creating a superior experience for their consumers” said Mark Petrov, Founder and CEO of XBL.
XBL’s founders, management and key shareholders, which include numerous Bay Street veterans at firms such as G3 Capital and Extreme Venture Partners, will be actively involved in working with Kognitiv to meet its performance targets.
The combined company looks forward to working together to usher in a new era of commerce and trading – one that is collaborative and cooperative.
SOURCE Kognitiv
For further information: Hilton Barbour (Hilton.barbour@kognitiv.com)