Reliance Global Group, the parent of insurance marketplace RELI Exchange, has closed a cash deal to acquire GPU cloud computing provider Oblivus from Skyportal Inc., pushing the Nasdaq-listed company into artificial intelligence infrastructure for the first time. The transaction, finalized November 3, 2026, routes through a newly created subsidiary called GPU Exchange Corp. and was paid for entirely out of existing cash reserves, with no new shares issued.
Deal structure and financial terms
Reliance paid $3 million at closing, with an additional $750,000 available over the next 12 months tied to revenue milestones; $375,000 of that contingent amount was placed in escrow immediately. Oblivus's founder will stay on for a year under a consulting arrangement worth $250,000 in cash plus up to $600,000 in potential equity, contingent on unspecified conditions. Reliance also negotiated an option to invest as much as $500,000 directly into Skyportal, the seller. Company executives say Reliance remains debt-free after the acquisition, having avoided financing it through loans or dilution.
What Oblivus actually does
Oblivus runs a GPU cloud platform offering both on-demand and reserved computing capacity, aimed at workloads like AI model training and inference that require sustained graphics-processing power rather than standard CPU servers. Beyond selling its own capacity, the company operates a marketplace model: it connects businesses that need GPU access with independent hardware owners willing to rent out idle computing capacity for revenue. According to unaudited figures supplied by the seller, Oblivus generated roughly $1.5 million in revenue over the 12 months ending September 2026 - a modest base that Reliance says it intends to scale significantly.
A rebrand and a strategic bet
Reliance plans to operate the acquired business under the GPU Exchange name and has said it will seek to change its Nasdaq ticker from EZRA to XGPU, though no effective date has been set. CEO Ezra Beyman framed the purchase as a foundation for expansion rather than a finished product, saying the company intends to invest in company-owned GPU hardware, secure more third-party computing capacity, and pursue new customers. Reliance says its existing insurance technology business, including RELI Exchange, will continue to operate alongside the new infrastructure unit rather than being phased out.
Context and open questions
The move places a small insurance-technology company in direct, if early-stage, competition with a crowded field of GPU cloud providers serving AI developers. Reliance has not disclosed projected revenue targets, timelines for infrastructure buildout, or how the two business lines - insurance technology and GPU computing - will be managed organizationally going forward. As with any young AI-infrastructure venture, actual demand growth and margins will depend on factors not yet detailed in the company's public disclosures.