By Grace Yoon
Shares of Brand Engagement Network rose after the company completed its acquisition of Cataneo, a Munich-based enterprise software provider.
The stock was up 10% to $17.17 in recent trading and has increased more than sevenfold since the start of the year.
Brand Engagement bought Cataneo for $19.5 million.
Following the acquisition, Brand Engagement, an enterprise AI software company, said it will integrate its proprietary Engagement Language Model and enterprise AI technologies into the Cataneo platform.
As part of the transaction, Cataneo Co-Founder Christian Unterseer has joined Brand Engagement's board of directors.
Cataneo manages more than 6 billion euros, or $6.86 billion, in annual advertising inventory across more than 1,000 media brands and over 200 broadcast and digital channels, Brand Engagement said.
It also operates the MYDAS platform which supports advertising sales, monetization and analytics.
Cataneo Chief Executive Renato Rocha Pinto said the acquisition will allow the company to pair its operational expertise with enterprise AI.
Brand Engagement Chief Executive Tyler Luck said the acquisition comes as enterprise AI and media infrastructure are becoming more interconnected.
Write to Grace Yoon at grace.yoon@wsj.com