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Information Analysis Incorporated (NASDAQ: IAIC) has officially transitioned to WaveDancer, Inc., adopting a new corporate identity and the ticker symbol WAVD. This rebranding aligns with the company’s focus on blockchain-enabled Software as a Service (SaaS) solutions. The government services division will now operate under its subsidiary, Tellenger, Inc.. The WaveDancer platform aims to enhance supply chain management through its zero-trust interface and advanced blockchain technology. CEO Jamie Benoit highlighted growth opportunities in various sectors, signaling a robust future for the company.
Information Analysis Incorporated (IAIC) has successfully completed the acquisition of Gray Matters, Inc for a total consideration of $10.5 million, comprising $7.5 million in cash, $1.5 million in stock, and a deferred $1.5 million.
Gray Matters specializes in blockchain and encryption technology aimed at enhancing Supply Chain Management for government agencies. The acquisition is expected to bolster IAIC's capabilities and generate several million dollars of booked revenue for 2022, positioning IAIC for growth in both government and commercial sectors.
Information Analysis Incorporated (NASDAQ: IAIC) has announced a successful private investment in public equity (PIPE) financing, securing subscriptions for 3,289,525 Units at $3.04 each, totaling net proceeds of approximately $9.9 million. Each Unit includes a share of common stock and a warrant for 0.20 shares. The funds will facilitate the acquisition of Gray Matters and support the development of secure blockchain supply chain technology. CEO Jamie Benoit highlighted the oversubscription and strategic significance of this financing as a step towards transformative growth.
Information Analysis Incorporated (NASDAQ: IAIC) announced a strategic reorganization to align its legacy services business with future growth objectives. The professional services sector will merge with the Tellenger subsidiary, which will have its own advisory board led by experienced leaders Stan Reese and Charles May. The board of IAI will see the addition of James C. DiPaula and Rear Admiral (Ret.) Paul Becker, enhancing expertise in technology and intelligence. CEO Jamie Benoit emphasized this transformation aims to leverage capabilities for long-term shareholder value.
Information Analysis Incorporated (IAIC) announced the appointments of Randy Boone as Chief Growth Officer and Heather Tortorelli as Chief Revenue Officer on December 1, 2021. Boone, with a proven sales record in federal and commercial IT sectors, will focus on expanding sales and channel teams. Tortorelli, previously CEO of Tellenger, will enhance marketing efforts. CEO Jamie Benoit emphasized that these additions are essential for the company's long-term growth strategy, particularly following the recent acquisition of Gray Matters, Inc.
Information Analysis Incorporated (OTCQB:IAIC) has announced that its common stock will commence trading on The Nasdaq Capital Market starting on November 26, 2021. This uplisting is viewed as a significant milestone in the company's strategy to enhance its presence in the Zero Trust technology sector. CEO Jamie Benoit emphasized that this move provides greater investor exposure, improved liquidity, and heightens the company's profile. IAI specializes in information technology products and services, focusing on software conversions and security.
Information Analysis Incorporated (OTCQB:IAIC) announced a definitive agreement to acquire Gray Matters, Inc for $10.5 million. The deal includes $7.5 million in cash at closing, $1.5 million deferred, and $1.5 million in IAIC stock. An additional $4.0 million may be awarded based on performance metrics in 2022. Gray Matters specializes in blockchain technology for secure supply chain management, planning to operate as a stand-alone unit post-acquisition. This acquisition aims to enhance IAIC's SaaS offerings and address supply chain challenges, potentially capturing significant market share.
Information Analysis Incorporated (OTCQB: IAIC) reported Q3 2021 results with total revenues of $4.3 million, a 9.6% increase year-over-year. Professional fees surged 77.0% to $2.8 million, contributing to a gross profit rise of 59.3%, now at $978,875, with a gross margin of 22.8%. Despite these improvements, the company faced a net loss of $(95,527) compared to a net income of $214,703 last year. For the nine months, total revenues reached $12.5 million, up 15.2%, with adjusted EBITDA of $876,000. CEO Jamie Benoit emphasized the focus on professional services for further growth.
Information Analysis Incorporated (OTCQB: IAIC) has appointed Tim Hannon as Interim Chief Financial Officer effective September 29, 2021. Hannon brings over 30 years of financial management experience, specializing in M&A and strategic planning. He previously served as CFO for various private equity portfolio companies. Hannon aims to assist IAI during its organizational transformation and capital-raising efforts. Matt Sands will transition to Senior VP of Finance and Corporate Controller, focusing on compliance for IAI's future national exchange listing.
Information Analysis Incorporated (OTCQB: IAIC) has announced the commencement of the modernization of the Fiscal Transfer Agent for the U.S. SBA's 7(a) Loan Program. This initiative aims to enhance loan servicing and technology for nearly 7,500 lenders with assets nearing $1 trillion. IAI's expertise in modernizing legacy systems will contribute significantly to this six-year project, as stated by President Stan Reese, who emphasized the company's robust track record in government system modernization and its implications for future financial stability.
