A small cap tech stock rallied in the late afternoon after it was announced that the company has entered into a definitive agreement with Spiel Technologies Ltd. and Pacific Website Company Inc. to acquire all of the shares of CEO.CA Technologies Ltd. Through this acquisition, GoldSpot Discoveries Corp (TSX-Venture:SPOT) will solidify its commitment to acquire growing SaaS products and build robust and recurring revenue streams.
GoldSpot is a technology company. The company is engaged in machine learning to reduce capital risk while working to increase efficiencies and success rates in resource exploration and investment. The Company has developed a monetization strategy into multiple verticals of the mining and investment industry, including consulting service offerings, exploration property staking and royalty acquisition, and the development of artificial-intelligence-driven software-as-a-service exploration technology. It has a single reportable geographic segment in Canada.
Traders were extremely bullish on the news as shares shot up to $1.21/share (+16.34%) at the session high following the announcement. This move is a strong continuation of the uptrend that the stock has been riding over the last year.
