The tech sector has created enormous wealth for investors for the past decades and is expected to continue to do so in the coming years. There are some innovative tech companies that could be tracked this morning by investors, and one of those could be the Smart City Software and Internet of Things (IoT) technology firm Affluence Corp. (OTC:AFFU). Yesterday, the company was in focus after it emerged that Affluence Corp. had agreed to acquire three IoT companies and establish a new company named Digibriks in collaboration with OneMind Technologies.
It was noted in yesterday’s news release that Affluence Corporation had signed a letter of intent with all three companies in question, and following its completion, Digibriks would operate as its fully owned subsidiary unit. Through such a transaction, OneMind Technologies would also get an end-to-end solution that would provide access to the telecom sector, the manufacturing sector, and the fast-growing smart city markets. In addition to the letter of intent, Affluence Corp. had also inked NDAs (non-disclosure agreements) with the three companies, and once the definitive acquisition documents were signed, the identities of the three companies would be revealed through a new release.
The Chief Executive Officer of Affluence Corp., James E. Honan Jr., spoke about the development on Tuesday. He noted that the acquisitions were part of the overarching strategic plan of the company to grow significantly in 2024. Additionally, he went on to enumerate the different ways in which the acquisitions would meet a range of goals for the company. The acquisition would add to the company’s top-line revenues in addition to cash flow and positive earnings. Secondly, the company would also have a much improved technology platform that integrates a range of products. Lastly, it would also give the company access to a larger installed base for its new OneMind product.
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