Minerva Intelligence Shares Pop After Sale of Geology Division – MarketWatch
By Adriano Marchese
Minerva Intelligence Inc. shares jumped in early trading Monday morning after the company said it would sell its geology division to focus on its climate-risk platform.
At 10:02 a.m. ET, shares were trading 75% higher at C$0.04.
The Canadian artificial intelligence software platform said that it agreed that Bentley Systems Inc.’s Seequent subsurface business will acquire the division, including the Driver software platform, for 1 million Canadian dollars ($742,252).
By selling the business segment, Minerva said that it can focus its efforts on climate risk reporting and adaptation, and will use the proceeds from the sale to continue developing and marketing its climate85 platform.
“Interest in our climate85 platform is growing and we intend to focus on the development of the platform as a valuable tool to address the adverse impacts of climate change globally,” Chief Executive Scott Tillman said.
Write to Adriano Marchese at adriano.marchese@wsj.com
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