Insig AI shares surge on new deal, boardroom shake-up

30th May 2024 12:29

(Sharecast News) - The share price of data science and machine learning business Insig AI jumped on Thursday after the company announced a strategic partnership with an Estonian AI and blockchain company, as well an immediate shake-up of its board.

Insig AI said chief executive Colm McVeigh could be leaving the business with immediate effect to "pursue other opportunities".

He will be replaced by Richard Bernstein, previously interim non-executive chairman, who will "devote more time to engaging with asset managers, prospective customers and commercialising Insig's product offering", Insig AI said.

In a separate statement, the company announced the purchase of a 5.45% equity stake in ImpactScope, as well as a revenue-share partnership with the firm.

Through the partnership, Insig AI will act as ImpactScope's exclusive agent for global sales to asset managers and international regulators of its Greenwashing Identifier, which identifies inconsistencies and unsubstantiated claims made in things like annual reports, earnings call transcripts and social media posts. Insig AI will receive 40% of all sales.

Commenting on the deal, Bernstein said the "our partnership with ImpactScope broadens and deepens access to new customers and gives us valuable exposure to opportunities in various blockchain ecosystems".

Shares were up 17% at 12.58p by 1224 BST.