आइसिटी समाचार
Fusemachines Inc., a leading provider of enterprise AI products and solutions and CSLM Acquisition Corp.(NASDAQ: CSLM), a special purpose acquisition company, announced today the signing of a definitive agreement for a business combination that is expected to result in Fusemachines becoming a public company.
Upon the closing of the transaction, subject to approvals by CSLM’s stockholders and Fusemachines stockholders and other customary closing conditions, the combined company is expected to list on Nasdaq under the ticker symbol “FUSE”. The business combination, valuing the combined company at $200 million, is expected to be completed by the end of Q2 2024.
Founded in 2013 by Dr. Sameer Maskey PhD, Fusemachines has been at the forefront of the Enterprise AI revolution for more than a decade. Dr. Maskey, an adjunct Associate Professor at Columbia University, has been at the leading edge of AI research from his time working on the IBM Watson Research Center.
Fusemachines enables enterprises to address complex challenges that they face across industries by leveraging cutting-edge technologies to develop products and solutions. With products such as AI Studio and AI Engines along with a global AI talent pool cultivated through the flagship AI Fellowship programs, the organization is uniquely positioned to help customers build industry specific and problem specific AI Solutions with high ROI. Fusemachines customers such as TIME and OTG have relied on Fusemachines for many years.
"Being listed on NASDAQ is a pivotal milestone for us and a historical one for any company of Nepalese origin,” said Sameer Maskey, Chief Executive Officer and Founder of Fusemachines. “Our business combination with CSLM positions us to strategically lead the way in shaping the future of democratizing AI and leaving a lasting impact across industries. The additional capital and financial flexibility from this transaction will empower improved products and fuel growth and expansion.”
Charles Cassel, Chief Executive Officer and Chief Financial Officer of CSLM said, “We have been methodically searching to identify a long-term, co-investment opportunity for our affiliates, and we are very excited to be partnering with Fusemachines.
With significant operations in Nepal, their cutting edge development of AI engines and solutions for US and developed market enterprise clients is precisely the profile that we believe embodies the impact that investors can make and profit from in high growth opportunities available in Frontier and Emerging Markets.”
The transaction, which has been unanimously approved by the boards of directors of Fusemachines and CSLM, is subject to approval by Fusemachines’ and CSLM’s stockholders and subject to other customary closing conditions, including the receipt of certain regulatory approvals.
In connection with the transaction, CSLM affiliates have committed to invest up to $19.44 million in a mix of new PIPE financing in CSLM and pre-closing financing in Fusemachines that will cover Fusemachines’ working capital needs. CSLM and Fusemachines will entertain additional PIPE financing offers on selective strategic criteria.
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