Connect with us

Technology

Propel Completes Acquisition of QuidMarket

Published

on

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 15, 2024 /CNW/ – Propel Holdings Inc. (“Propel” or the “Company”) (TSX: PRL), the fintech facilitating access to credit for underserved consumers, announced today the successful completion of its previously announced acquisition of Stagemount Limited (dba “QuidMarket”), a leading digital UK-based fintech lender specializing in credit for underserved consumers (the “Acquisition”). The final purchase price was US$71 million, excluding closing adjustments, and was paid all in cash.

“The closing of the Acquisition of QuidMarket is a critical step in our journey to become a global leader in building financial opportunity. A leading UK fintech lender, QuidMarket is focused on the 20 million underserved consumers in the UK. Backed by Propel’s AI-powered technology, financial and operational expertise, and capital resources, we believe QuidMarket will be able to accelerate its growth while broadening access to credit for more underserved consumers,” said Clive Kinross, CEO of Propel.

Management believes that the Acquisition will be immediately accretive to Propel’s 2024 and 2025 Adjusted Earnings Per Share1, on a pro forma basis, and excluding transaction costs and before any synergies. 

“I want to officially welcome the QuidMarket team to Propel. Together, we will build a UK leader,” Mr. Kinross added.

“We have ambitious plans for the UK, and QuidMarket is a critical first step,” said Sheldon Saidakovsky, CFO of Propel and the executive in charge of leading the QuidMarket integration. “In advance of the closing, we outlined a multi-phased integration plan for QuidMarket. Initially we will focus on building financial and operational infrastructure that mirrors our own.  Once complete, we will begin to accelerate QuidMarket growth at both the top and bottom line. Laying the foundation to grow QuidMarket into the UK’s market leader will be a key focus as we head into 2025.”

Acquisition Financing and Subscription Receipt Conversion
The US$71 million purchase price for the Acquisition was funded from the net proceeds of Propel’s previously announced C$115 million bought deal offering of subscription receipts (the “Subscription Receipts”), which closed on October 3, 2024.

Upon closing of the Acquisition, each holder of a Subscription Receipt will be entitled to receive, automatically and without additional consideration or further action on the part of the holder, (i) one common share of Propel (the “Common Shares”) and (ii) a cash amount equivalent to the C$0.15 dividend per Common Share payable by the Company to holders of Common Shares of record on November 15, 2024, with payment occurring on December 4, 2024.

Trading in the Subscription Receipts is expected to be halted, the transfer register maintained by the subscription receipt agent will be closed and the Subscription Receipts will be delisted from the Toronto Stock Exchange (the “TSX”), in each case, effective as of the close of trading today. The Common Shares to be issued pursuant to the terms of the Subscription Receipts are expected to commence trading on the TSX on November 15, 2024.

About Propel
Propel Holdings (TSX: PRL) is the fintech company building a new world of financial opportunity for consumers, partners, and investors. Propel’s operating brands — Fora Credit, CreditFresh and MoneyKey — and our Lending-as-a-Service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its AI-powered platform, Propel evaluates customers in a more comprehensive way than traditional credit scores can. The result is better products and an expanded credit market for consumers while creating sustainable, profitable growth for Propel.  Our revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over one billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at propelholdings.com

About QuidMarketLaunched in 2011, QuidMarket is a leading UK-based digital only consumer lender specializing in providing short-term installment loans to individuals with limited access to traditional financial solutions. QuidMarket is committed to responsible lending, offering tailored financial support to help consumers manage unexpected expenses.

Non-IFRS Financial Measures
This press release makes reference to “Adjusted Earnings Per Share” which is a non-IFRS financial measure. This measure is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.

This non-IFRS financial measure is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management and executive compensation. The key performance indicators used by the Company may be calculated in a manner different than similar key performance indicators used by other similar companies.

Definitions and reconciliations of non-IFRS financial measures to the relevant reported measures can be found in our Q3 2024 MD&A available on SEDAR+.

Forward-Looking Information 
This press release contains certain forward-looking statements that may constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation that are based on Propel’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In particular, this press release contains forward-looking statements pertaining to Propel’s business strategy, plans and other expectations, beliefs, goals and objectives including, without limitation, the following: the Acquisition, the anticipated synergies and accretive value to Propel and its shareholders; statements regarding the effects of the Acquisition on Propel’s ability to accelerate growth and its plans and integration of the QuidMarket team, and statements around the dividend and dividend equivalent payments. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “intend”, “estimate”, “continue”, “anticipate” or the negative of these terms or variations of them or similar terminology suggesting future outcomes, events or performance. The forward-looking statements in this press release reflect management’s current beliefs and are based on information currently available to management, and are based on certain assumptions that Propel has made in respect thereof as at the date of this press release regarding, among other things: that Propel has and will have available capital to fund its capital expenditures; the success of Propel’s operations; the ability of Propel to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs, including costs associated with regulatory compliance in the UK; prevailing regulatory and tax laws and regulations; maintenance of operating margins; and certain other assumptions in respect of Propel’s forward-looking statements detailed in Propel’s Annual Information Form for the year ended December 31, 2023 (the “AIF”), Management’s Discussion and Analysis for the years ended December 31, 2023 and 2022 (the “Annual MD&A”) and Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 (the “Interim MD&A”) and from time to time in Propel’s public disclosure documents available at www.sedarplus.ca and through Propel’s website at www.propelholdings.com.

Notes:

See “Non-IFRS Financial Measures” below. See also “Key Components of Results of Operations” in the Company’s Q3 2024 MD&A for further details concerning the non-IFRS financial measures used in this press release including definitions and reconciliations to the relevant reported IFRS measure.

 

SOURCE Propel Holdings Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

ACEC California Awards More Than $100,000 in Scholarships to Engineering and Land Surveying Students

Published

on

By

SACRAMENTO, Calif., May 4, 2026 /PRNewswire/ — The American Council of Engineering Companies of California (ACEC California) has announced the recipients of its 2026 Scholarship Program, awarding a total of $102,500 to 14 students, including six graduate students and eight undergraduates, pursuing degrees in engineering and land surveying at colleges and universities throughout California.

Administered by the ACEC California Scholarship Foundation, the annual program supports accomplished undergraduate and graduate students preparing for careers in engineering and land surveying. In addition to scholarships awarded by ACEC California, students may also receive accompanying funds through the ACEC national organization and local ACEC California chapters.

“I commend the American Council of Engineering Companies of California for its investment in students that helps strengthen California’s infrastructure and engineering workforce,” said Senator Dave Cortese (D-San Jose). “These scholarships expand access to the education and training needed for students to pursue meaningful careers in engineering and land surveying related fields. California’s future depends on a strong pipeline of skilled professionals, and programs like this ensure our communities will benefit from their expertise for decades to come. I commend San Jose State University student, and Senate District 15 resident, Thao Huynh, along with all recipients of this prestigious scholarship program.”

The 2026 scholarship recipients reflect a strong combination of academic achievement and real‑world experience, pairing rigorous coursework with internships, professional employment, applied research and leadership roles in student and industry organizations. The group also represents the diverse pathways into today’s engineering and land surveying professions, including first‑generation college students, veterans, and professionals returning to school to advance their careers.

“ACEC California is honored to recognize these exceptional students who represent the future of our industry,” said Tyler Munzing, executive director of ACEC California. “As our state continues to prioritize the modernization of our critical infrastructure, investing in the next generation of engineers and land surveyors has never been more vital. We are proud to support these dedicated individuals as they prepare to lead California toward a more innovative and efficient future.”

More than 150 applications were reviewed by the ACEC California Scholarship Foundation’s volunteer Board of Trustees, chaired by Chris Diaz of Diaz•Yourman & Associates. Trustees include Donald Blackburn of Blackburn Consulting; Jeff Gavazza of KPFF Consulting Engineers; Michael Jaeger of Tanner Pacific; Henry Liang of MKN, an Ardurra Company; Jane Rozga of GHD; and Aundrea Tirapelle of Psomas.

Scholarship funds will be distributed to recipients at the beginning of the fall 2026 semester.

2026-27 Scholarship Foundation Award Recipients

Todd Allen-Gifford, Stanford University, pursuing a master’s in structural engineering and construction engineering.Owen Daulton, Loyola Marymount University, pursuing a master’s in mechanical engineering.Thao Huynh, San Jose State University, pursuing a bachelor’s in software engineering.Caden Kakoschke, California State University, Long Beach, pursuing a bachelor’s in mechanical engineering and naval architecture and marine engineering.Gaurav Kumar, University of California, Los Angeles, pursuing a bachelor’s in computer engineering.Grace Murphy, California Polytechnic State University, San Luis Obispo, pursuing a bachelor’s in mechanical engineering.Carlos Navea, San Diego State University, pursuing a master’s in civil engineering and structural engineering.Ryan Nguyen, California Polytechnic State University, Pomona, pursuing a master’s in civil engineering.Jacey Niiya, Stanford University, pursuing a master’s in structural engineering.Peter Otoshi, California Polytechnic State University, Pomona, pursuing a bachelor’s in civil engineering.Emily Petersen, California State University, Fresno, pursuing a bachelor’s in surveying and geomatics engineering technology.Paisley Tabor, Stanford University, pursuing a bachelor’s in mechanical engineering.Victor Vega, University of the Pacific, pursuing a bachelor’s in civil engineering and structural engineering.Zenia Zipp, California State University, Fresno, pursuing a master’s in civil engineering and surveying and geomatics engineering.

Learn more about the ACEC California Scholarship Foundation program and the awarded students at www.acec-ca.org/scholarship.

ACEC California represents over 1,000 engineering and land surveying firm offices and nearly 25,000 professionals who are involved in all aspects of the design, construction, and repair of California’s residential, commercial, industrial, and public works infrastructure.

View original content to download multimedia:https://www.prnewswire.com/news-releases/acec-california-awards-more-than-100-000-in-scholarships-to-engineering-and-land-surveying-students-302760472.html

SOURCE American Council of Engineering Companies, California

Continue Reading

Technology

HDT Conducts Hunter WOLF Training with 10th Mountain Division

Published

on

By

Second training event in one month highlights continued Army engagement, evaluation

FREDERICKSBURG, Va., May 4, 2026 /PRNewswire/ — HDT Robotics is conducting a new round of training and evaluation activities with Hunter WOLF unmanned ground vehicles (UGVs) at Fort Polk, Louisiana, with soldiers from the U.S. Army’s 10th Mountain Division.

The Hunter WOLF is a robotic multi-mission unmanned ground vehicle designed to reduce workload, extend operational duration, and keep soldiers in the field longer, with less fatigue and at safer distances. Built specifically for military operations, it delivers mobility, payload, and power in a compact system, engineered to perform in demanding environments where commercial vehicles fail.  

“The Hunter WOLF is a proven platform that’s ready to support operations today. It’s not a concept still in development like other options,” said Tom Van Doren, President, Robotics Sector at HDT Robotics. “Training directly with units like the 10th Mountain Division ensures the system continues to meet operational requirements and provides a dependable solution the military can confidently deploy.”

The training event will provide hands-on experience for soldiers in one of the Army’s elite light infantry units, known for rapid deployment and operations in complex, extreme environments, including mountainous and cold-weather conditions. During the event, soldiers will operate and evaluate the Hunter WOLF in real-world scenarios, gaining experience in system operation, mission integration, and sustainment across a range of mission tasks.

“Training events like this show how adaptable the Hunter WOLF’s modular design is across different mission requirements,” said John Conway, VP of Business Development, Robotics at HDT Robotics. “Soldiers are able to configure it quickly and apply it to operational tasks without adding complexity.”

During training, soldiers will operate Hunter WOLF vehicles configured for communications, sustainment, support, and employment of equipment normally too heavy for dismounted units to transport, such as loitering munitions. These configurations include:

Two Vehicle-mounted Tactical Radios (AN/VRC-158)Five Universal Battery Chargers (UBC)60-gallon Water Purification SystemsCasualty Evacuation (CASEVAC)15kW Mobile Power Export (120/240VAC inverter offload)Extended Cargo Rails for Equipment Transport

The training marks the second Hunter WOLF event conducted with the Army in the past month, reinforcing HDT’s commitment to delivering proven, field-ready robotic platforms that enhance operations while prioritizing soldier safety.

About HDT Robotics: HDT develops rugged, modular robotic systems to perform tasks in hazardous and demanding environments. Building on a legacy of advanced government and industrial robotics development, the company engineers precision manipulators and mobile platforms that reduce personnel risk while enabling critical operations in expeditionary, contaminated, or unsafe environments. For more information, visit HDTHunterWOLF.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hdt-conducts-hunter-wolf-training-with-10th-mountain-division-302761065.html

SOURCE HDT Robotics

Continue Reading

Technology

Roomba Pioneer Colin Angle Unveils New Venture, Familiar Machines & Magic, Introducing a New Platform for Consumer Physical AI

Published

on

By

After building iRobot into a multi-billion-dollar business and architecting the global consumer robotics industry, Angle launches a new company to build emotionally intelligent robots designed for trust, interaction, and long-term connection.

BOSTON, May 4, 2026 /PRNewswire/ — More than two decades after introducing the Roomba and helping define consumer robotics, Colin Angle is returning with a more ambitious vision: Artificial Life. On stage today at The Wall Street Journal’s Future of Everything conference, Angle unveiled Familiar Machines & Magic, bringing the company out of stealth and introducing Familiars – physically embodied AI systems designed to perceive, adapt, and interact with people in ways that feel natural and consistent.

“The next era of robotics is not just about dexterity or humanoid form – it’s about machines that can build and sustain human connection,” said Colin Angle, cofounder and CEO of Familiar Machines & Magic. “Today, we’re emerging from stealth to share our vision for systems that move beyond task execution and become a natural part of daily life.”

FM&M uses the term “Familiars” to describe emotionally intelligent, physically embodied AI systems that perceive their environment, develop a distinct personality, and respond in ways that learn and evolve through life with the people around them.

Physical AI’s Next Frontier: From Capability to Human Connection
The global race to build Physical AI is on. From humanoid robots promising factory labor to autonomous systems reshaping logistics, tens of billions of dollars are flowing into machines designed to move, lift, sort, and transport. But this is only half the opportunity – the back-end, industrial physical AI opportunity. The other half is consumer-facing, for all of the use cases where robots will interact with humans, and it requires a fundamentally different approach.

Consumer Physical AI demands human connection – the ability to not just perform physical tasks, but to understand, communicate, and respond in ways that feel intuitive and supportive. This opportunity extends across daily life – anywhere people and machines intersect – not just within the home.

Consumer Physical AI outperforms screens in these types of emotional work because people respond more strongly to physical presence. While chatbots are widely used for emotional support, they are often less effective and beneficial for their users.

FM&M is focused on developing Consumer Physical AI systems that deliver this kind of interaction at scale by building Familiars.

The company’s leadership team has already brought consumer robotics to global scale. As leaders behind the Roomba platform at iRobot, they deployed more than fifty million robots into homes worldwide, turning a once-experimental category into a household technology. FM&M also brings together talent from Disney Research, MIT, Amazon, Boston Dynamics, Bose, and Sonos, applying deep experience in robotics, AI, and human-machine interaction to this next frontier.

Bringing Familiars to Life: Meet the First Familiar
During a live conversation with Wall Street Journal Technology columnist Christopher Mims at Future of Everything, Angle introduced the first Familiar – the inaugural system powered by FM&M’s Consumer Physical AI platform.

“iRobot proved that robots could deliver value at scale,” Angle said. “But they were still task machines. My goal has always been to create systems that understand context, remember interactions, and behave with consistency over time. That’s what we’re doing at Familiar Machines & Magic.”

A Familiar is purpose-built for social interaction rather than industrial performance. Its hardware and AI architecture are optimized for expressive, whole-body movement that communicates attention, awareness, and intent without relying on a screen.

The first Familiar is a quadruped, specifically designed for human-robot interaction, with 23 degrees of freedom enabling both lifelike movement and expressive behaviors. The Familiar is covered with a custom touch-sensitive coat, a vision system, and a microphone array and audio system, to support rich interactions. Its onboard edge AI stack is powered by a custom small multimodal model optimized for social reasoning, combining vision, audio, language, and memory to create socially responsive behaviors in real time.

Unlike humanoid robots designed to replicate human form for industrial uses, the Familiar is intentionally designed to be approachable and expressive, with a form factor optimized for interaction in everyday environments. It integrates context, memory, and adaptive behavior to create a consistent presence over time. Familiars are optimized for interaction, for presence, and for everyday use.

Today’s reveal marks FM&M’s emergence from stealth, not a commercial product launch. Specific applications, form factors, and timelines will be shared in future updates.

The Path Forward: The First to Scale Physical AI
The Consumer Physical AI market will not be won by the most impressive demo – but by the system people choose to live with. Familiar Machines & Magic is building a Physical AI platform focused on real-world deployment, measurable value, and responsible scaling.

Unlike cloud-dependent AI systems that rely on continuous data streaming, FM&M’s architecture prioritizes on-device, edge AI to reduce latency and strengthen privacy. The company has also established clear data governance guardrails as it develops systems designed for daily life.

By focusing on systems that can scale broadly, FM&M is building a platform that improves through real-world use rather than speculative demonstrations.

Follow the Journey
Familiar Machines & Magic will share updates, research, and progress as it develops its Familiars platform; this is just the beginning. If you’re curious what life with a Familiar could look like, sign up at familiarmachines.com or follow FM&M on LinkedIn and X.

About Familiar Machines & Magic
Familiar Machines & Magic is pioneering Consumer Physical AI, beginning with Familiars – physically embodied AI systems designed to form long-term, emotionally intelligent relationships with people. The company’s mission is to create artificial life to build a more caring world.

Founded by Colin Angle, cofounder and former CEO of iRobot, FM&M builds on more than three decades of consumer robotics experience. Angle is joined by cofounders Ira Renfrew, Chief People and Product Officer (C2PO), and Dr. Chris Jones, Chief Research and Development Officer (CRDO) – veteran robotics and AI leaders with experience spanning iRobot, Amazon, and other global consumer technology platforms.

Collectively, the founding team has deployed over 50 million consumer robots worldwide and led advances in navigation, machine learning, and human-robot interaction. The broader team brings additional expertise from institutions including Disney Research, MIT, Boston Dynamics, and USC.

With offices in Boston, LA, and Hong Kong, Familiar Machines & Magic is building a long-term platform for Artificial Life in partnership with leading researchers, engineers, and strategic collaborators.

For more information, visit: familiarmachines.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/roomba-pioneer-colin-angle-unveils-new-venture-familiar-machines–magic-introducing-a-new-platform-for-consumer-physical-ai-302761495.html

SOURCE Familiar Machines & Magic

Continue Reading

Trending