Citrus Diversified Fund Ltd has signed an agreement for the acquisition of Artemisia FZE, a company dedicated to the development of advanced software solutions based on modern techniques of Artificial Intelligence and based in Jebel Ali Freezone, UAE.
Artemisia was founded in Italy in 2014 by Danilo Bucchieri, CEO and Managing Director, with a 30-year career in the ICT industry, as a manager and CEO in multinational ICTs, and co-founder and CEO of some others ICT innovative enterprises. In recent years, Artemisia has acquired know-how and developed unique and innovative fintech software solutions for banks and financial institutions. At the end of 2017, Artemisia moved to Dubai in order to take advantage of the greater investment opportunities. In fact, the UAE is poised to become a fintech nexus in the Middle East, aided by government agencies and regulators working together to turn the country into a global fintech powerhouse. In particular, DIFC launched a $100 million fintech fund to accelerate the development of financial technology by investing in start-ups from incubation through to growth stage.
Citrus Diversified Fund Ltd is a fund with rules established by the Securities Commission of The Bahamas, specialized in the development of innovative investment solutions.
The aim of both companies is to develop the visibility of Artemisia in the market and to identify a player interested in acquiring and industrializing its solutions.
“Our core focus is to take advantage of the rising focus of Dubai to become a FinTech powerhouse, leader in the Middle East: there are more investors and players in the financial investments management, potentially interested in acquiring and/or industrializing CitrusAIadvisor” Danilo told MAGNiTT.
“Theoretically the final user base represented by: professional investors, risk management and private banking entities, regulating authorities, publishing houses, large scale financial services providers. But I believe that CitrusAIadvisor would be better utilized by big players who have already implemented automatic investment advisory systems.” He added.
The operation was orchestrated by National Resources for Financial Consulting LLC, an Independent Financial Advisory and Consultancy based in Abu Dhabi with a branch in Dubai providing specialized Financial Advisory, Consultancy and Risk Management solutions to affluent individuals (UHNWI), single families and institutions, specialized in M&A advisory, venture capital and private equity.
The agreement states that Mr.Bucchieri will remain the CEO and Managing Director to coordinate the developments and the subsequent industrialization phases.
“The new funding by Citrus Fund will be used to accelerate the market development and give adequate visibility to Artemisia’s innovative solutions, which will seize the interest of important players in the financial investments management, who want to acquire an innovative solution “as stated by Danilo Bucchieri.
“With this operation, we believe we have finalized a very profitable investment, considering the effervescence of the fintech market. The presence, involvement and long-term commitment of the founder and Managing Director Danilo Bucchieri, is undoubtedly a significant added value to the initiative,” said Hans U. Howald, Director of Citrus Fund.
“We have chosen Artemisia, in consideration of the interesting evaluation of its assets, compared to similar projects involved in equity transactions in the last 12 months and the very positive trend of the fintech market,” explained Cyrill Moity, CEO of National Resources for Financial Consulting.