ReAlpha Tech (NASDAQ:AIRE) stock is rocketing higher on Tuesday after completing its acquisition of Naamche, Inc. and Naamche, Inc. Pvt. Ltd.
ReAlpha Tech is building out its artificial intelligence (AI) abilities with this acquisition. It brings on 43 experienced AI engineers as well as Naamche’s machine learning and data engineering capabilities.
ReAlpha Tech used a mix of cash and equity to acquire Naamche. It’s worth noting the two companies have worked together prior to this acquisition. Naamche was responsible for developing the real estate technology company’s Claire AI platform.
ReAlpha Tech CEO Giri Devanur said the following about the news.
“This transaction marks a milestone in our strategy to build and scale our capabilities for creating and delivering AI-powered real estate solutions. We are pleased to integrate Naamche’s talented team into our workforce and look forward to our collaboration to continue seeking real-estate focused product innovation.”
AIRE Stock Movement Today
Investors are excited about today’s news and that brings with it heavy trading of AIRE stock. This has more than 4 million shares of the stock changing hands as of this writing. That’s well above the company’s daily average trading volume of about 2.8 million shares.
AIRE stock is up 50.6% as of Tuesday morning. It’s worth noting that AIRE stock was down 55.9% year-to-date when markets closed yesterday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
