Fusemachines, a provider of enterprise Artificial Intelligence (AI) products, has agreed to a deal with CSLM Acquisition Corp. that will result in the company becoming publicly listed on Nasdaq. The transaction places the company's value at $200 million.
The listing has come about with guidance from DAI Magister, a boutique investment bank that worked collaboratively with both Fusemachines and CSLM Acquisition Corp. to ensure the deal's completion.
The finalisation of the transaction will be subject to stockholder approval from both Fusemachines and CSLM, among other standard closing conditions. Provided the approval is obtained, Fusemachines is expected to go public and join the Nasdaq list in Q2 2024. Notably, the listing will earn the firm the distinction of being the first Nepalese company to list on Nasdaq.
Victor Basta, CEO of DAI Magister, commented on the deal: "It’s a privilege to have been involved in such a transformational deal, and we are proud to have been a part of what is a milestone transaction for Nepal as a nation."
He added: “Fusemachines will soon become one of the very few pure play AI stocks listed on Nasdaq, and is set to benefit from the secular trend of enterprises adopting AI across their business processes."
Sameer Maskey, founder and CEO of Fusemachines, expressed that the listing on Nasdaq represents a significant milestone: "Our business combination with CSLM positions us to strategically lead the way in shaping the future of democratising AI and leaving a lasting impact across industries." He also noted that the financial flexibility and extra capital to be gained from the arrangement will support improved products and fuel further expansion and growth.
Charles Cassel, CEO and CFO of CSLM Acquisition Corp., commented on the agreement with Fusemachines: "We have been methodically searching to identify a long-term, co-investment opportunity for our affiliates, and we are very excited to be partnering with Fusemachines." He noted that the firm deemed Fusemachines to be precisely the profile they were searching for, based on their significant operations in Nepal, combined with their innovative development of AI solutions targeted at U.S. and other developed market enterprise clients.
Fusemachines, founded in Nepal in 2013, has been on a mission to democratise AI and has led significant transformation within the sector. As part of its business mantra, the company strives to aid clients in their AI transformations, regardless of where they are in their digital journey. This Nasdaq listing will further bolster Fusemachines' efforts to bring revolutionary AI benefits to more organisations.