A significant partnership has been established between SBI Holdings, Inc. and Ridge-i Inc. This collaboration entails a capital and business alliance aimed at enhancing technological capabilities and fostering innovative solutions.
SBI Holdings intends to purchase shares of Ridge-i through new shares issued via a third-party allotment. In addition, the company will be acquiring shares from the current largest shareholder, further solidifying the partnership’s foundation. Upon completion of these transactions, Ridge-i will become an equity-method affiliate of SBI Holdings.
Ridge-i and its subsidiary, Star Music Entertainment, specialize in providing customized AI solutions and digital marketing services. The Ridge-i Group excels in leveraging advanced technologies, such as artificial intelligence and deep learning, to address various social and customer challenges. Their offerings span from initial consultations to assessments, development, and implementation of solutions that enhance customer operations.
Both parties have identified multiple collaborative opportunities, particularly in applying AI technologies to the extensive data held by SBI, starting with SBI SECURITIES Co., Ltd. They are also focused on introducing AI solutions to partner regional banks that are facing urgent digital transformation needs. Collaboration includes working with SBI NEO MEDIA HOLDINGS Co., Ltd. in sectors like social networking services and digital marketing.
This partnership aims to foster a wider implementation of AI across SBI’s operations, while simultaneously fostering the creation of new businesses and solutions. The alliance between SBI and Ridge-i seeks to transcend traditional outsourcing dynamics by creating a synergy where both organizations operate as cohesive teams, combining their resources and expertise in AI.
In financial terms, SBI plans to acquire 390,000 shares of Ridge-i’s common stock, which translates to 3,900 voting rights, through the aforementioned third-party allotment. Furthermore, an agreement has been reached for SBI SECURITIES to purchase an additional 584,000 shares from the largest shareholder, with the planned acquisition taking place via an over-the-counter transaction.
The objective behind these share transactions is to ensure a more significant stake in Ridge-i, aiming to streamline operations and leverage advanced technologies to revitalize regional areas. The collaboration is particularly focused on driving AI utilization and digital transformations in regional banking systems, which holds vital importance as traditional institutions adapt to evolving technological landscapes.
Moreover, both SBI and Ridge-i are dedicated to generating new solutions and developing novel business models by effectively utilizing AI on both financial and non-financial datasets. SBI SECURITIES is expected to play a pivotal role as the central hub for these operations.
The initiative also aims at creating new digital marketing strategies and capitalizing on Web3 opportunities, demonstrating a forward-thinking approach to leveraging technology for growth.
In summary, this strategic alliance positions both companies to harness their collective strengths in technology and digital innovation, aiming to deliver impactful solutions and improve market effectiveness in their respective sectors. The collaboration stands to benefit from a unified approach, fostering a cooperative environment conducive to innovation and growth in the rapidly changing technological eco-system.