Affluence Corporation Completes Acquisition of Mingothings SLU

Rhea-AI Summary

Affluence Corporation (OTC Pink:AFFU) has completed the acquisition of Barcelona-based Mingothings SLU (MTI), a specialist in IoT solutions and data analytics for smart cities. MTI will integrate with OneMind Technologies (OMT), another Affluence subsidiary, to enhance their OneMindNG platform with IoT connectivity and data analytics capabilities.

The strategic acquisition aims to capitalize on the Smart City and Connected Industries IoT market, which Fortune Business Insights projects to grow from $768 billion in 2024 to $4.6 trillion by 2032, representing a 25.2% CAGR. The combined offering will streamline customer experience and enable pursuit of larger market opportunities.

Positive

• Integration with OneMind Technologies will enhance product offerings and operational efficiency
• Acquisition expected to make the group cashflow positive through cost synergies
• Targets fast-growing IoT market projected to reach $4.6 trillion by 2032 (25.2% CAGR)
• Expanded market reach and ability to pursue larger opportunities
• MTI's IoT platform enables faster and more cost-effective implementation

Negative

• Operating in highly competitive smart city and IoT market
• Integration challenges between multiple platforms and technologies may arise

Strategic acquisition to expand market reach and ensure profitable growth.

OAK BROOK, IL / ACCESS Newswire / May 19, 2025 / Affluence Corporation, (OTC Pink:AFFU), a Smart City Software and Internet of Things (IoT) technology company, announced today the completion of the acquisition of Barcelona based Mingothings SLU ("MTI"), a specialist in integrated IoT solutions and data analytics for smart cities and connected industries. The executed definitive agreement was notarized today pursuant to the laws of Spain.

This is a crucial step in our planned acquisition strategy to scale and profitably grow the group. MTI is already working in partnership with OneMind Technologies ("OMT"), also a wholly owned subsidiary of Affluence. OMT utilizes the proprietary OneMind^NG platform to integrate key data from disparate systems into a single dashboard, or Hypervisor, and harnesses the power of Artificial Intelligence to revolutionize how businesses interact with data and make decisions. By integrating cutting-edge predictive and prescriptive analytics into OneMind^NG, we will empower organizations to not only anticipate future outcomes but also receive actionable guidance tailored to their needs. OMTs AI-driven approach ensures smarter decision-making, operational efficiency and enhanced user experiences. MTI provides the software and services that enable rapid connection to its IOT platform, of all relevant devices and IoT sensors thereby enabling faster and more cost-effective implementation and deployment.

According to Fortune Business Insights, the Smart City and Connected Industries IoT market is projected to grow from $768 billion in 2024 to over $4.6 trillion by 2032, a CAGR of 25.2% during the forecast period. As a result of this acquisition we believe that Affluence is well placed to be a part of this market growth. Our combined and enhanced product offering, including engineering and integration services, will ensure a streamlined customer experience and allow us to pursue larger opportunities within our target markets.

"This is an exciting phase for Affluence. The acquisition brings significant growth potential through expanded market reach. Cost synergies and accelerated growth will ensure that the group is cashflow positive," said Williiam Gonyer, CFO of Affluence Corporation.

"We are delighted to be part of the Affluence group. MTI, through thethings.IO and its IoT platform, will complement the portfolio solutions of Affluence to generate revenue synergies across the group, drive sustainable growth, and become a global leader in the IoT market. thethings.IO platform that can be easily and seamlessly accessed by any business. Our ambition is to work with OMT to push the boundaries of IoT technologies and enable any organization to run smarter operations. In addition, our Digital Twin solution will enhance our offerings to Businesses." said Francesc Domingo, CEO of MTI.

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About Affluence Corporation

Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city and industry software and innovative solutions that capitalize on IoT, AI, 5G and edge technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet. For more information go to https://affucorp.com.

About Mingothings SLU

Mingothings SLU ("MTI") is a trusted specialist in integrated IoT solutions and data analytics for smart cities and connected industries. With expertise in real-time data processing, sensor integration, and adaptable IoT platforms, MTI provides innovative solutions designed to maximize efficiency, sustainability, and operational performance in diverse IoT applications. https://www.mingothings.com/

About OneMind Technologies SL

OneMind Technologies ("OMT"), based in Barcelona, Spain, is a recognized provider of IoT, Smart City, and Security Command and Control solutions. With its innovative OneMind^NG platform, OMT enables cities and industries to optimize operations, enhance public safety, and support sustainable development. https://onemindng.com/

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This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices,, the failure to retain management and/or key employees of the target company, availability and the cost of capital, success of growth initiatives, limited operating history and other risks discussed in our filings with the OTCMarkets; and the Securities and Exchange Commissions. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Affluence Corporation assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Media and investor contact - press@affucorp.com

SOURCE: Affluence Corp

View the original press release on ACCESS Newswire

FAQ

What is the strategic importance of Affluence Corporation's acquisition of Mingothings SLU?

The acquisition enhances Affluence's IoT capabilities, enables faster implementation of smart city solutions, and positions the company to capture share in the $4.6 trillion IoT market by 2032.

How will AFFU stock benefit from the Mingothings acquisition?

The acquisition is expected to make the group cashflow positive through cost synergies, expanded market reach, and revenue growth opportunities in the IoT sector.

What is the market potential for Affluence Corporation's IoT solutions?

According to Fortune Business Insights, the Smart City and Connected Industries IoT market is projected to grow from $768 billion in 2024 to $4.6 trillion by 2032, at a CAGR of 25.2%.

How will Mingothings SLU integrate with Affluence Corporation's existing operations?

Mingothings will work with OneMind Technologies to enhance the OneMindNG platform, providing IoT connectivity and data analytics capabilities for smart city solutions.

What are the main products offered by AFFU after the Mingothings acquisition?

The combined offering includes the OneMindNG platform for data integration and AI-driven analytics, MTI's IoT platform for device connectivity, and Digital Twin solutions for businesses.