International Endeavors Corp. Amassing Revenue to Drive Rapid Expansion in AI Sector and Eliminate Debt - Seite 2

Fast forward to Q2, and now the company is taking full advantage of the revenue it has generated by reinvesting some of it back into its AI portfolio.  IEC recently announced it will be acquiring “Scribs Ventures.”

Bringing Scribs Ventures, a private company with operations in California and Florida, under the WITech umbrella will immediately produce more revenue for IEC and increase the products and services the company can offer clients throughout the AI space.  The company stated that Scribs has developed several AI-based technologies that utilize speech recognition and text generation, and these technologies are currently generating revenue for Scribs with its existing clients.

IEC’s AI division currently operates in the “AI content creation and marketing” industry, but the company expects to parlay the acquisition of Scribs and its technologies into the use of AI in smart phones and smart devices by launching AI-based apps, including an AI-enabled diet app and an AI-powered scheduling app.

An acquisition of technologies that green-light the development of AI-based applications would immediately catapult IEC into the fast-growing AI software industry.  According to Precedence Research, the size of the global AI software market was $138.4 billion in 2022, and it is expected to surpass $1.1 trillion by 2032.  The research firm added that the market is poised to grow at a compound annual growth rate (CAGR) of 22.97% from 2023 to 2032.

IEC’s Jeremy Smith, commenting on the Letter of Intent to acquire Scribs, said, “We plan on staying ahead of the industry and this will allow us to enter the smart phone/smart device segment of AI.  We can begin working with smart phones (iPhone and Android) and smart devices like Amazon’s Alexa, and Apple’s Siri.”  Smith also stated that due to the many services the company could begin to provide with this acquisition, IEC will be rolling out the many potential areas of expansion over the coming weeks.

The benefit of acquiring these technologies is that it presents many new business opportunities to IEC.  Creating AI based or AI enabled apps would allow the company to not only develop new apps that are powered by AI, but also enhance current apps on the market or that are in development by third-party developers, as well as generate new business-to-business relationships.