Helios and Matheson Analytics (NASDAQ: HMNY) shares are up 5% mid-day on news that the company has entered into a definitive agreement to acquire a majority stake of movie subscription technology company MoviePass Inc. MoviePass is available in over 91% of all theaters in the U.S., and the app permits subscribers to see unlimited movies in theaters for a fee of $9.95 monthly. The closing of the transaction is subject to the company completing an equity or equity-linked financing transaction with gross proceeds of at least $10 million, among other material conditions. “With our big data and artificial intelligence platforms and other technologies that we own, we will be able to bring a significant technological advantage to MoviePass. Our mission at HMNY is to continuously be innovating, and this blending is a natural fit to take us up to the next level and beyond,” Helios and Matheson chairman and CEO Ted Farnsworth stated in the news release.
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About Helios and Matheson
Helios and Matheson Analytics Inc. (NASDAQ: HMNY) is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology. Its holdings include RedZone Map™, a safety and navigation app for iOS and Android users, a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology. Through TrendIt, Helios and Matheson has acquired technology addressing crowd and migration patterns, and consumer behavior in real-time. The patented technology predicts population behavior, along with a crowd’s population size, origin and destination. HMNY is headquartered in New York, NY. For more information, visit www.hmny.com.
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