CHICAGO--(BUSINESS WIRE)--Cosmos Holdings Inc. (OTCQB:COSM), a fully reporting holding company with offices in New York, Chicago and Europe, today announced that it entered into an LOI to acquire a 70 percent majority stake in Terranova Inc., a Chicago-based mobile technology company. The transaction is expected to close within 90 days.
Terranova develops A.I. software, a proprietary algorithm and APIs that power mobile apps, including its own location-based consumer app for iOS and Android mobile devices. In 2014, leading emerging technology conference SXSW Interactive recognized Terranova’s intelligent assistant app as one of the year’s most innovative social technologies during the festival’s Accelerator event.
“Terranova transforms how mobile users search, connect and transact in the real world,” said Cosmos Holdings Chairman and Chief Executive Officer, Dimitrios Goulielmos. “We share the company’s exciting vision and initially have committed to source and invest more than $15 million to accelerate growth.” Goulielmos will join Terranova’s board of directors.
Terranova’s founding executive management team will lead the company’s continued expansion following the closing of the transaction. Co-founder George Stoikos serves as Terranova CEO, overseeing all technology development and operations, while co-founder Andy Stankiewicz serves as executive vice president overseeing business development and marketing.
According to global research and advisory firm Forrester Research (Nasdaq: FORR), mobile reached a tipping point in 2014 as one of the most disruptive technologies, with consumers increasingly turning to their smartphones to get products and services on-demand. “We will do our best so that Terranova will become the intelligent interface for this ‘post-Google-search’ world, taking mobile consumers from real-world, real-time search queries to on-demand transactions,” Goulielmos added.
The Terranova investment highlights Cosmos Holding’s re-focused strategy under Goulielmos’ leadership since September 2013 to actively acquire highly innovative companies across dynamic, fast growing sectors to provide superior returns to its shareholders.
About Cosmos Holdings Inc.
Cosmos Holdings is a OTCQB-listed diversified holding company under the symbol “COSM”. The Company is actively acquiring highly innovative companies across dynamic, fast growing industries, including but not limited to, pharmaceuticals and related pharmaceutical logistics, food, green, hi-tech and insurance. Cosmos Holdings maintains offices in New York, Chicago and Athens, Greece. For more information, visit www.cosmosholdingsinc.com.
About Terranova Inc.
Chicago-based Terranova Inc. develops A.I. software, a proprietary algorithm and APIs that power mobile apps, including its own location-based consumer app for iOS and Android mobile devices. In 2014, SXSW Interactive recognized Terranova’s intelligent assistant app as one of the year’s most innovative social technologies. For more information, visit www.appterranova.com.
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