A deal that's been a year in the making has officially closed. Photo via Getty Images

A sports tech-focused special purpose acquisition company has sealed the deal on its acquisition of a company with thermal imaging and sensing platform technology.

SportsMap Tech Acquisition Corp. (NASDAQ: SMAP) announced the close of its acquisition of Beaumont-based Infrared Cameras Holdings Inc. (ICI), which will be the name of the combined company. The new ticker symbol for the combined company’s common stock and public warrants will be ticker symbols “MSAI” and “MSAIW,” respectively.

“The close of the business combination represents a monumental milestone for our company, as we view the business to be well-suited for the public market," Infrared Cameras’ CEO Gary Strahan says in a news release. Strahan and his executive team will continue to lead the company.

Originally announced in the fall of 2021, the $100 million blank-check company is led by David Gow, CEO and chairman. Gow is also chairman of Gow Media, which owns digital media outlets InnovationMap, EnergyCapitalHTX, SportsMap, and CultureMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.

The SPAC revealed it would be acquiring ICI just over a year ago. According to the news release, SMAP’s stockholders approved the deal at a special meeting held on December 8.

"I’m happy to complete the business transaction, and equally excited to see Gary and his team deliver a unique product and solution to a diversified sub-set of market verticals," Gow says in the release. "We view this event to serve as the initial catalyst for the Company to deliver long-term shareholder returns.”

ICI's technology includes a patented single pane-of-glass view that can be used to monitor and analyze live imaging and sensing data across industries, including monitoring overheating equipment and methane gas leaks in the oil patch. ICI provides both the physical technology as well as a software-as-a-service component. Following the close of the deal, ICI reports that it will be focused on "new customer expansion, becoming a global online retailer, solidifying operational excellence, and continual improvements" to its technology.

“We have built a diversified integrated thermal imaging and sensing platform that is enhanced by our cloud-enabled technology, allowing for improved operations and critical asset protection," Strahan says. "We believe the support of investors as a public entity will aid our ultimate strategic objective of driving growth through increased enterprise customers, while, over time, positively transforming our margins as a result of our SaaS unit economics.”

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Mark Cuban calls AI ‘the greater democratizer’ for young entrepreneurs

eyes on AI

Texas billionaire Mark Cuban—whose investment portfolio includes Houston-based Holliball, a startup that makes and sells large inflatable holiday ornaments—believes AI is leveling the playing field for budding low-income entrepreneurs.

At the recent Clover x Shark Tank Summit in Las Vegas, the Shark Tank alum called AI “the greater democratizer.”

Cuban told Axios that free and low-cost AI tools enable disadvantaged teenagers to compete with seasoned professionals.

“Right now, if you’re a 14- to 18-year-old and you’re in not-so-good circumstances, you have access to the best professors and the best consultants,” Cuban said. “It allows people who otherwise would not have access to any resources to have access to the best resources in real time. You can compete with anybody.”

While Cuban believes AI is “the great democratizer” for low-income young people, low-income workers still face hurdles in navigating the AI landscape, according to Public Works Partners, an urban planning and consulting firm. The firm says access to AI among low-income workers may be limited due to cost, insufficient digital literacy and infrastructure gaps.

“Without adequate resources and training, these workers may struggle to adapt to AI-driven workplaces or access the educational opportunities necessary to acquire new skills,” Public Works Partners said.

Texas 2036, a public policy organization focused on the state’s future, reported in January AI jobs in Texas are projected to grow 27 percent over the next decade. The number 2036 refers to the year when Texas will celebrate its bicentennial.

As for the current state of AI, Cuban said he doesn’t think the economy is witnessing an AI bubble comparable to the dot-com bubble, which lasted from 1998 to 2000.

“The difference is, the improvement in technology basically slowed to a trickle,” Cuban said of the dot-com era. “We’re nowhere near the improvement in technology slowing to a trickle in AI.”

CPRIT hires MD Anderson official as chief cancer prevention officer

new hire

The Austin-based Cancer Prevention and Research Institute of Texas, which provides funding for cancer research across the state, has hired Ruth Rechis as its chief prevention officer. She comes to CPRIT from Houston’s University of Texas MD Anderson Cancer Center, where she led the Cancer Prevention and Control Platform.

Before joining MD Anderson, Rechis was a member of the executive leadership team at the Livestrong Foundation, an Austin-based nonprofit that supports people affected by cancer.

“Ruth has widespread connections throughout the cancer prevention community, both in Texas and across the nation,” CPRIT CEO Kristen Doyle said in a news release. “She is a long-term passionate supporter of CPRIT, and she is very familiar with our process, programs, and commitment to transparency. Ruth is a terrific addition to the team here at CPRIT.”

Rechis said that by collaborating with researchers, policymakers, public health leaders and community partners, CPRIT “can continue to drive forward proven prevention strategies that improve health outcomes, lower long-term costs, and create healthier futures for all.”

At MD Anderson, Rechis and her team worked with more than 100 organizations in Texas to bolster cancer prevention initiatives at clinics and community-based organizations.

Rechis is a longtime survivor of Hodgkin lymphoma, a type of cancer that affects the lymph nodes, which are part of a person’s immune system.