New Zealand’s stock exchange is set to list its first AI business, Being AI – a newly launched artificial intelligence services, development, and investment business.

Being AI has reached a conditional agreement to be acquired by NZX-listed company, Ascension Capital.

Top-tier law firm, MinterEllisonRuddWatts, is advising Being AI co-founder, David McDonald, on the acquisition. If Ascension Capital shareholders approve the deal in March 2024, it will be significant for the New Zealand market as the first AI company to list on NZX.

Being AI, one of the three branches of artificial intelligence consulting company, Being Consultants, provides companies with an understanding of what is happening in the AI space, assists companies around digital transformations, while also investing in new AI technologies.

Corporate Special Counsel Igor Drinkovic who advised David on the deal said: “It has been great working with David on this significant sale to Ascension. The deal means changing times as NZX receives its first AI business.”

The conditional agreement values the Being AI portfolio at NZD45 million on the completion date.