BigBear.ai, a leading provider of AI-enabled business intelligence solutions, announced a definitive merger agreement to acquire Pangiam Intermediate Holdings, LLC (Pangiam), a leader in Vision AI for the global trade, travel, and digital identity industries, for approximately $70 million in an all-stock transaction. The combined company will create one of the industry’s most comprehensive Vision AI portfolios, combining Pangiam’s facial recognition and advanced biometrics with BigBear.ai’s computer vision capabilities, positioning the company as a foundational leader in one of the fastest growing categories for the application of AI. The proposed acquisition is expected to close in the first quarter of 2024, subject to customary closing conditions, including approval by the holders of a majority of BigBear.ai’s outstanding common shares and receipt of regulatory approval.
Today, over 20 US Government Defense and Intelligence customers and 160 Commercial enterprises leverage BigBear.ai’s predictive analytics capabilities. The Pangiam acquisition will expand BigBear.ai’s customer base and service offerings to major airlines, airports and identity-verification companies, and significantly increase its contract portfolio with customers at the Department of Homeland Security and U.S. Customs and Border Protection.
“Vision AI has long been considered the holy grail of applied AI because of its potential to perceive and interact with the world in a human way,” said Mandy Long, CEO, BigBear.ai. “BigBear.ai’s acquisition of Pangiam will create a full-vision AI portfolio – among the first in the industry – leveraging near-field vision AI in support of localized environments and far-field vision AI in support of global scale environments. The integration of these two businesses will result in significant operational benefits for our shared customers.”
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“The combination of Pangiam and BigBear.ai will position our combined companies to vault solutions currently available in market,” said Kevin McAleenan, CEO of Pangiam. “With our shared mission and a complementary customer base and product set, our teams will be able to pursue larger customer opportunities, enhance our technology development, and accelerate our growth. We’re thrilled to soon join the BigBear.ai team.”
BigBear.ai is a leading provider of AI-powered military and business intelligence solutions. The company serves three core markets to include: global supply chain and logistics; autonomous systems; and cybersecurity. The US Government and enterprises rely on BigBear.ai’s predictive analytics capabilities to better understand the implications of changes to their complex environments, systems, processes, and supply chains. This intelligence then supports better planning, forecasting, and decision-making. Headquartered in Columbia, Maryland, BigBear.ai is a public company traded on the NYSE under the symbol BBAI.
SOURCE: GlobeNewswire