TP Group increases investment in European AI systems company
LONDON: TP Group, the specialist services and engineering group, announced that its wholly owned subsidiary, Sapienza Consulting Holdings has reached an agreement to acquire an additional shareholding in Lift BV for a consideration of €0.7 million.
Lift is based in Den Haag in the Netherlands, and builds Artificial Intelligence (AI) systems to support rapid resourcing of large-scale technical projects. Sapienza initially acquired a 33% stake in Lift in May 2017, as part of their strategy to invest in complementary technology partners.
The transaction takes the Sapienza holding to 69%, in addition to the Group taking two seats on the Lift board of directors. With Lift highly active in a range of sectors including defence, aerospace, security, government, medical and commercial, the company believes it will be able to focus on developing a number of highly complementary growth opportunities for the Lift technologies.
Phil Cartmell, Chief Executive Officer of TP Group, commented: "Having acquired Sapienza two months ago, we are delighted to be able to support their ongoing investment programme into highly complementary AI technologies, further extending our technology reach in Europe.
"This investment both broadens and strengthens our position across a number of AI solutions and builds a technology bridge between our existing defence-based AI work in the UK and other AI activities in new markets across Europe."