The Miami-based real estate firm Safe and Green Development Corp. (SG Devco) (NASDAQ: SGD) has closed on its acquisition of Majestic World Holdings (MWH), a real estate technology firm and owner of the Xene AI Software platform.
The purchase price for the acquisition consists of an aggregate of $500,000 in cash to be paid over five quarters and 500,000 shares of SG Devco restricted stock valued at $1.075 million, or $2.15 per share. Matthew Barstow, MWH CEO and president, will become senior vice president of innovation at SG Devco.
The XENE Platform is designed to create a decentralized real estate marketplace that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. The platform is being promoted as a tool to streamline property transactions and offer a cost-effective alternative to traditional buyers’ agent models. A launch is planned during the first quarter of this year.
“Majestic is an innovator in real estate technology with a unique asset base and people with deep industry knowledge,” said David Villarreal, president and CEO of SG Devco. “The combined capabilities of our two companies is expected to provide long-term value creation well in excess of what either company was capable of doing on a individually. We believe this transaction will immediately and in the long-term drive significant value to our shareholders.”
