Voxtur Closes Acquisition of Anow
Increasing Recurring Revenue and Accelerating Innovation
TAMPA, Fla. and TORONTO, April 08, 2021 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV:VXTR) (“Voxtur” or “the Company”) is pleased to announce that, further to the news release issued on March
30, 2021, it has received the approval for the acquisition of Appraisers Now Ltd. (“Anow”) (the “Acquisition”) and the Company has completed the Acquisition. Anow is an automated appraisal workflow
management platform for the global appraisal market, with significant market share in the U.S. and Canada. This strategic acquisition bolsters recurring revenues and accelerates the development of
Voxtur’s data ingestion engine, allowing clients to achieve optimal efficiency and cost-savings.
Total consideration for the Acquisition was approximately $30.5 million (the “Purchase Price”), with $20.5 million of the purchase price satisfied by the issuance of 28,571,428 common shares of Voxtur (the “Share Component”) and $10 million of which was comprised of a cash payment. 7,142,857 common shares of the Share Component will be held in escrow, to be released two (2) years after closing, subject only to reduction in the event of an indemnity claim by Voxtur or an adjustment of the Purchase Price in accordance with the share purchase agreement. In addition, a total of 17,901,866 common shares are subject to a contractual lock up, with such locked-up shares released in equal 2,000,000 common share installments every calendar quarter, with the first such release occurring on June 30, 2021.
“With this Acquisition, the Company continues to find innovative ways to empower professionals to do their job more efficiently and cost-effectively,” said Chairman and CEO Gary Yeoman. “The Anow appraiser-first model benefits all value-chain participants from lenders to consumers and reinforces our vision of the uberization of the entire real estate transaction.”
“Together, Voxtur and Anow have an incredible opportunity to bring forward the appraisal and valuation platform of the future. With the technology we’ve built combined with Voxtur’s team and other innovative product lines, our offering is now unlike anything else in the lending space,” said Anow President Marty Haldane. “The entire Anow team is completely aligned with the growth mentality and vision of the Voxtur team. We all want to be part of the future success of Voxtur and, as a result, decided to take a material component of the consideration in Voxtur shares.”
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