Software Development and Sales: The Company develops and manages software, technology and cyber security companies as subsidiaries, through strategic acquisitions. To this, the Company has launched a very intensive
campaign to target multiple strategic partnerships, business and software asset acquisitions and will rapidly develop a robust portfolio of technology assets over the next several years, allowing us to increase strategic partnerships, market share and profitability.
The Company has selected a number of potential candidates in order to enable the success of this software and technology vertical; however, there are currently no products being sold.
On July 27, 2015, the Company entered into a Non-binding Letter of Intent to acquire the assets of a biometric software innovator formed in 2004. On October 10, 2015, the Company formed a new operating entity, Aluf Biometrics, Inc., for this acquisition. The acquisition is expected to close in the second quarter of 2016.
On March 18, 2016, the Company entered into a software acquisition agreement to acquire all right, title, and interest in and to a certain computer program and documentation which will be marketed as “software-as-a-service”, a webbased system that provides an easy way for the customer’s compliance officers to identify and resolve potential violations or problematic areas under the rules of compliance. This acquisition is expected to close in the second quarter of 2016.