Shares in Ardent Resources (ASX:AWO) were flying as much as 216% higher this morning after the explorer confirmed it would acquire an innovative tech company which produces wearable, internet connected devices.
Ardent will acquire unlisted Sydney business OK IOT Group Pty Limited in an all-scrip deal that will involve the issue of 696.4 million Ardent shares. Ardent shares were last trading 200% higher at A$0.036.
The move represents Ardent’s transition into the growing industry of internet-connect products known as the “internet of things”.
IOT’s focus encompasses internet-connected devices such as watches, homes, TVs, cars and clothing. Its first smartwatch device, the $99 Viper Phone Watch, went on sale in 762 Coles supermarkets across Australia in September 2015.
The company also plans to release further innovative technology including a “selfie drone” flying camera by Christmas 2015.
The number of internet of things devices worldwide is on track to grow from 4.9 billion in 2015 to 25 billion by 2020, with more than half of those in the consumer category, according to technology research firm Gartner.
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