Baijiayun to Acquire Beijing Hydrogen, an AI-enabled Marketing Service Provider in China
April 3, 2023 at 2:55:23 AM
Baijiayun Group Ltd ("Baijiayun" or the "Company") (Nasdaq: RTC), a video-centric technology solution provider with core expertise in SaaS/PaaS solutions, announced that on March 30, 2023, it entered into an equity acquisition agreement (the "Agreement") with Wei Qu, Beijing Hydrogen Information Consulting Center L.P., and three other minority investors in Beijing Hydrogen Data Information Technology Co., Ltd. ("Beijing Hydrogen" or the "Target Company") to acquire 100% equity ownership of the Target Company for a total consideration of RMB107.7 million, i.e., approximately US$15.7 million, payable in cash and restricted shares of Baijiayun (the "Transaction"). The closing of the Transaction is expected to take place by the end of March 2023 (the "Closing Date"), subject to the satisfaction of closing conditions set forth in the Agreement. The completion of the Transaction helps to amplify Baijiayun's current product matrix to enterprise clients and bolster the Company's abilities to create AI-generated content to be embedded with its video/audio solutions.
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