Reliance Global Group Acquires Oblivus GPU Cloud for $3M Cash

Reliance Global Group, Inc. has completed the all-cash acquisition of the Oblivus GPU cloud computing platform and related assets from Skyportal Inc. through its wholly-owned subsidiary, GPU Exchange Corp. The acquisition, which marks Reliance's entry into the AI cloud and infrastructure market, involved an initial payment of $3 million in cash, with potential for up to $750,000 in additional milestone payments based on revenue targets. Oblivus generated approximately $1.5 million in revenue in the twelve months prior to the acquisition. The founder of Oblivus will provide consulting services for 12 months, receiving $250,000 in cash and potentially up to $600,000 in company stock, subject to performance and stock price targets. The company remains debt-free following the transaction.