Infobird Co. Ltd. (China)

The Company is a software-as-a-service, or SaaS, provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China.
The Company primarily provides holistic software solutions to help The Company s corporate clients proactively deliver and manage end-to-end customer engagement activities at all stages of the sales process including pre-sales and sales activities and post-sales customer support. The Company also offers AI-powered cloud-based sales force management software including intelligent quality inspection and intelligent training software to help The Company s clients monitor, benchmark and improve the performances of agents.
The Company relies on the following self-developed novel technologies to deliver customizable, high-quality, scalable, configurable, secure, and steady customer engagement solutions:
- Cloud-native architecture
- AI and machine learning capabilities
- Patented VoIP technologies
- No-code development platform
The Company has only one reportable segment.
HISTORY
2020 On March 26, 2020, The Company was incorporated under the laws of the Cayman Islands.
2021 The Company s ordinary shares is listed on the Nasdaq Capital Market under the symbol “IFBD” since April 20, 2021. On December 2, 2021, The Company completed a 51 acquisition of Shanghai Qishuo Technology Inc.
2023 Starting from July 19, 2023, the Company began moving our headquarters from Beijing to Hong Kong as part of our plan to expand globally. The Company formed Inforbird Technologies, through which the Company have commenced the Company s operations in Hong Kong. As of the date of this prospectus supplement, wethe Company have moved it s key technical staff in our Beijing office to the Compan s Hong Kong office and have recruited local staff in Hong Kong and will continue to hire additional staff to support its operations in Hong Kong. The Company plan to proactively expand its presence in the global market and cater to the diverse needs of the Company s customers worldwide by establishing new offices in other key locations such as Singapore, other parts of Southeast Asia, and Europe.
In August 11, 2023, the Company discontinued its SaaS services in the Mainland of China. On August 11, 2023, Infobird Co., Ltd, a Cayman Island exempted company (the “Company”), entered into an equity transfer agreement (the “Agreement”) with CRservices Limited (“CRservices”), a Mahe Island limited company and a shareholder of the Company, pursuant to which, the Company agreed to sell all the issued shares of Infobird HK, a limited company incorporated under the laws of Hong Kong and a wholly owned subsidiary of the Company, for a consideration of HK 10,000. On the same day, the Company discontinued its SaaS services in the Mainland of China.
As a result, the result of operations for the Company's Mainland SaaS services business are reported as discontinued operations under the guidance of ASC 205.
2024 On June 28, 2024, the Company entered into an equity acquisition agreement (the “Equity Acquisition Agreement”) with Shangri-La Trading Limited (the “Seller”), in a single transaction, to acquire 65 of the issued and outstanding equity of Pure Tech Global Limited at closing. The acquisition is expected to be closed in July 2024 and have not closed as at the date of this Annual Report, with the Company Pure Tech Global Limited, which in turn indirectly wholly controls Pinmu Century (Beijing) Marketing Technology Co., Ltd, a variable interest entity, and its subsidiaries (“Pinmu Century”). The aggregate purchase price for the equity acquisition was approximately 40.0 million, inclusive of transaction costs, and will be funded using the cash on hand of 33 million and a promissory note of 7 million. Pure Tech and its subsidiaries are a technology company specializing in digital advertising and marketing campaign for customers. With digital technology, Pure Tech develops effective and efficient online marketing strategies for customers. Based on the software and technology advantages built by years of research and development investments, as well as years of accumulated experience in digital marketing and intelligent customer service, our Group plans to vertically expands the market in the maternal and infant vertical field within the same industry, explores more customer opportunities, and enhances the company s value and competitiveness in the industry.