Artificial intelligence company BigBear.ai (NYSE: BBAI) has agreed to acquire vision AI technology provider Pangiam Intermediate Holdings in an all-stock transaction valued at approximately $70 million.
Columbia, Maryland-based BigBear.ai said Monday it expects the deal to close in the first quarter of calendar year 2024 and expand its portfolio of vision AI technologies through the combination of its computer vision capabilities with Pangiam’s advanced biometrics and facial recognition systems.
Tysons Corner, Virginia-based Pangiam provides vision AI, analytics and related capabilities designed to help government agencies, airports and airlines verify identity, ensure secuurity of facilities and streamline operations.
“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,” BigBear.ai CEO Mandy Long.
Long added that the transaction will combine capabilities in support of localized and global scale environments and bring operational benefits to shared customers.
The proposed acquisition will enable BigBear.ai to broaden its client base and contract portfolio with agency customers including the Department of Homeland Security and the U.S. Customs and Border Protection and expand its service offerings to identity-verification companies, airlines and airports.
The transaction is subject to approval by BigBear.ai’s shareholders, regulatory clearances and other customary closing conditions.