Fusemachines announces definitive agreement for business combination with CSLM Acquisition Corp.

Kathmandu: Fusemachines Inc., a prominent enterprise AI products and solutions provider, and CSLM Acquisition Corp. (NASDAQ: CSLM), a special purpose acquisition company, have officially entered into a definitive agreement for a business combination. This strategic move is expected to facilitate Fusemachines’ transition into a publicly traded company upon completion.

Upon the fulfillment of customary closing conditions and approvals from CSLM’s stockholders and Fusemachines stockholders, the merged entity is poised to list on Nasdaq under the ticker symbol “FUSE.” The business combination, valuing the combined company at $200 million, is anticipated to conclude by the end of Q2 2024, as outlined in the statement released by Fusemachines.

Founded in 2013 by Dr. Sameer Maskey PhD, Fusemachines has been a trailblazer in the Enterprise AI landscape for over a decade. Dr. Maskey, also an adjunct Associate Professor at Columbia University, has been instrumental in advancing AI research, notably during his tenure at the IBM Watson Research Center.

Fusemachines specializes in empowering enterprises to address intricate challenges across industries by leveraging cutting-edge technologies for product and solution development. The organization offers products such as AI Studio and AI Engines, complemented by a global AI talent pool cultivated through flagship programs like the AI Fellowship.

Customers, including notable names like TIME and OTG, have entrusted Fusemachines for years, relying on the company for the development of industry-specific and problem-specific AI solutions with high returns on investment.

Dr. Sameer Maskey, CEO and Founder of Fusemachines, expressed the significance of being listed on NASDAQ, marking a historic milestone for any company of Nepalese origin. The business combination with CSLM is seen as positioning Fusemachines to strategically lead the charge in shaping the future of democratizing AI.

Charles Cassel, CEO and CFO of CSLM, shared their excitement about partnering with Fusemachines and emphasized the alignment with their strategic vision, especially in high-growth opportunities within Frontier and Emerging Markets.

The transaction has received unanimous approval from the boards of directors of Fusemachines and CSLM. Pending approval from stockholders and meeting other regulatory conditions, the deal is set to usher in a new phase for Fusemachines as a publicly traded company.

In connection with the transaction, CSLM affiliates have committed to substantial investments to cover working capital needs and fuel growth. The closing of the business combination is eagerly anticipated, marking a significant chapter in Fusemachines’ journey.