For those who have been waiting since 2017 for the details of the record deal between New Zealand’s ADD 4 I.T. LIMITED and the American PNC Financial Services Group, there some information is finally available. Representatives of both companies refuse interviews and comments – some refer us to the PNC press center, others fail to provide specific information.
The deal aroused interest not only because of the sheer amount involved – the controlling stake in the company cost the American giant in a round sum, there is unconfirmed information that about $30-$40 million.. But for a company with a turnover of almost $300 billion, this amount cannot be called excessive. Just the fact that one of the USA’s ten largest financial holdings showed interest in an inconspicuous team with a few IT solutions for the banking sector under its belt is notable, to say the least.
The answer most likely lies in the group’s niche expertise. Chris Scott, the chief technical officer and rumored idea generator (originally from Cairo, Egypt), is a renowned expert in AI software solutions. His projects have been successfully presented at specialized forums and found reputable buyers from fintech organizations. The leadership of PNC Financial Services Group apparently decided not to take the contract-based path, and used its capital to buy out the entire company, headed by Aaron Diggelmann. The benefits for both sides are clear – PNC will now be the first to implement cutting-edge solutions and increase its profits, and ADD 4 I.T will develop at a totally new level with this new financial infusion.
ADD 4 I.T. is ostensibly developing some highly promising solutions, because all information about its current plans has disappeared from the public space. Company representatives, who have been actively sharing their plans and achievements both on the official website and in social networks up until the merger, have been silent for the second year in a row. The fact that the work is actively going forth and the head office is providing comprehensive support can only be judged by tax returns. On average, the income of each of the group’s employees increased several-fold.