Potash Minerals (ASX:POK) is in the process of acquiring US-based Internet of Things (IoT) data platform, Buddy Platform, Inc.
The company is now in an ASX trading halt in relation to the completion of due diligence on the acquisition.
This will last until the earlier of the announcement being made or the start of trade on Tuesday, 1st September 2015.
Buddy takes the data generated by devices connected to the internet and secures it, manages it, then makes it useful.
To highlight the massive growth, Cisco estimates by 2020 that there’ll be over 50 billion devices connected to the internet.
Buddy offers functionality as software as a service – sold to organizations that manufacture or manage devices which generate data, but which are not equipped to manage, secure or access this volume of data.
Buddy operates a global technology platform to meet customers’ IoT data sovereignty needs with infrastructure located in the US, EU, China and soon, Australia.
Early investors include US west coast VCs, Microsoft Corporation and AF Square, the venture division of prominent Los Angeles entertainment and artist management company, Atom Factory.
Potash had $1.07 million in cash as at 30th June 2015.
