Author: David Jennings

Voxtur achieves 37% year-over-year Revenue growth for fiscal year 2020

GlobeNewswire — Voxtur Analytics Corp. (TSXV : VXTR ; OTCQB :ILATF) (“Voxtur” or “the Company”) today announced that its Audited Consolidated Financial Statements for the year ended December 31, 2020 and the related Management’s Discussion and Analysis (“MD&A”) are available at www.sedar.com and on the Company’s website at www.voxtur.com.

In a year of unprecedented challenges resulting from the Covid-19 pandemic, Voxtur persevered to lay a strategic foundation for the future growth and success of the Company. The Company’s 2020 milestones include the completion of an oversubscribed private placement, a substantial increase in credit resources with the Bank of Montreal’s Technology & Innovation Banking Group, the acquisition of Apex Software, and the execution of a binding letter of intent to acquire all of the shares of Voxtur Technologies, Inc. and Bright Line Title, LLC and certain non-legal assets of James E. Albertelli P.A., which closed February 3, 2021.

“The entire organization showed determination, perseverance and emotional fortitude as we all coped with the challenges presented by the global pandemic,” said CEO and Chairman Gary Yeoman, “The future of Voxtur is strong due to the foundational building blocks and innovative technology platforms we’ve put into place.”

¹Adjusted EBITDA is an unaudited non-GAAP measure and does not have any standardized meaning prescribed under IFRS and, therefore, may not be comparable to similar measures employed by other reporting issuers. Management believes Adjusted EBITDA provides meaningful information with respect to the financial performance and value of the Company, as items that may obscure the underlying trends in the business performance are excluded. Adjusted EBITDA is defined and calculated by the Company as earnings (loss) before interest, taxes, depreciation/amortization of property and equipment, intangible assets and right-of-use assets, share-based compensation expense, foreign exchange gains (losses) recorded through profit and loss, and other costs or income that are: (i) non-operating; (ii) non-recurring; and/or (iii) related to strategic initiatives. The Company classifies income or costs as non-recurring if income or costs similar in nature are not reasonably expected to occur within the next two years nor have occurred during the prior two years, and such costs are significant.

GlobeNewswire — 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.”

Fasken Martineau DuMoulin LLP acted as legal counsel to Voxtur on the transaction. Raymond James Ltd. acted as exclusive financial advisor and Dentons Canada LLP acted as legal counsel to Anow on the transaction.

Strategic Acquisition Strengthens Technology Toolbox

Transaction Highlights

• The Acquisition adds a broad product suite to manage and automate end-to-end appraisal processing with streamlined big data, machine learning, and process automation functionality.
• Provides a stable reoccurring subscription-based revenue stream derived from a diverse customer base across North America, South America, Europe, Africa, Asia, and Oceana.
• Historical year-over-year revenue growth rate of >75%, with average revenue churn of <1%
• Multiple patents pending on new, market-leading functionality to support an “appraiser-first” model that benefits all value-chain participants from lenders to consumers.
• Works directly with appraisers, lenders, and appraisal management companies to digitize the entire appraisal value chain on all current and future Fannie Mae & Freddie Mac appraisal forms.

GlobeNewswire — Voxtur Analytics Corp. (TSXV:VXTR) (“Voxtur” or “the Company”) is pleased to announce that it has executed a share purchase agreement (“SPA”) for the acquisition of 100% of the issued and outstanding common shares of Appraisers Now Ltd. (“Anow”) (the “Acquisition”). Anow is an automated appraisal workflow management system for the global appraisal market, with significant market share in the U.S. and Canada. This highly strategic Acquisition accelerates the development of Voxtur’s data ingestion engine allowing customers to achieve optimal efficiency and cost-savings. “Bringing Anow into the Voxtur family is just another example of how the necessary uberization of professional services across the lending life cycle is empowering professionals to do their job, better, faster and cheaper,” said Chairman and CEO Gary Yeoman.

The Anow platform is the only digitized appraisal records platform in North America that allows appraisers to sync their workflow directly to the lender, creating a more streamlined, customized process. Anow has reduced appraisal turnaround times by more than 25% by putting the entire business into one interface.

“We are excited about joining forces with the Voxtur brand,” said Anow President Marty Haldane. “The Anow technology streamlines the appraisal process and has broad applicability to the workflow technology across all the Voxtur business segments.” Marty further stated, “We have tremendous respect for Gary and the business he has built. Gary’s strong reputation and knowledge of the appraisal space was a significant factor in our decision to join his team, and together we will continue to build a leading technology platform that puts our clients first.”

Voxtur is transforming the lending lifecycle by offering targeted data analytics to simplify tax solutions, property valuations and settlement services for investors, lenders, government agencies and servicers. With its proprietary data hub and workflow platforms, Voxtur can more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments.

“Anow fits right in line with the Voxtur portfolio of solutions for the real estate value chain,” said President Jim Albertelli. “Thisdigital innovation merger with Anow will seamlessly connect the dots resulting in a more efficient appraisal process.”

Haldane will continue to lead the Anow team and will join the Voxtur Board of Directors following the closing of the Acquisition. Terms of the acquisition were not disclosed.

Fasken Martineau DuMoulin LLP acted as legal counsel to Voxtur on the transaction. Raymond James Ltd. acted as exclusive financial advisor and Dentons Canada LLP acted as legal counsel to Anow on the transaction.

Completion of the transaction contemplated by the SPA is subject to a number of conditions. Such conditions include the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”).

Neither the TSXVenture nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Strategic Acquisition Strengthens Technology Toolbox

GlobeNewswire — Voxtur Analytics Corp. (TSXV:VXTR) (“Voxtur” or “the Company”) is pleased to announce that the non-brokered private placement of common shares of the Company (“Common Shares”) for gross proceeds of $35,000,000 (the “Offering”) has been fully allocated.

The Offering consists of the sale of 50,000,000 Common Shares at a price of $0.70 per Common Share. “The Offering was met with immediate and strong interest from well-respected investors in Canada and the United States. We thank the investors for their support of our vision and our financial advisor, Cormark Securities Inc., for their backing,” said Gary Yeoman, CEO and Chairman, “The tremendous demand we have seen validates Voxtur’s business model and the projected growth of the Company, and we look forward to generating shareholder value in return.”

The Offering is subject to the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.

GlobeNewswire — Voxtur Analytics Corp. (TSXV:VXTR) (“Voxtur” or “the Company”) today announced that, in accordance with the Restricted Share Unit Plan that was approved by the shareholders of Voxtur, previously iLOOKABOUT Corp., at its Special Meeting of Shareholders on January 22, 2021, the Company has granted a total of 7,250,000 Restricted Share Units to employees and a consultant which will vest 1/3 upon grant and 1/3 on each of the following two anniversaries of the grant date.

A complete copy of the Restricted Share Unit Plan can be found as Exhibit A of the Company’s Management Information Circular dated December 21, 2020, a copy of which is available at www.sedar.com. In addition, in accordance with the Company’s Stock Option Plan that was approved by the shareholders of Voxtur, previously iLOOKABOUT Corp., at its Annual and Special Meeting of Shareholders on September 25, 2020, the Company has granted a total of 14,167,231 Stock Options to employees. These options have an exercise price of $0.59 and will expire five years from the grant date if not exercised. Vesting of 12,950,000 of these options will be 1/3 upon grant and 1/3 on each of the following two anniversaries of the grant date. Vesting of 1,217,231 of these options will be 1/4 upon grant and 1/4 on each of the following three anniversaries of the grant date. A complete copy of the Stock Option Plan can be found as Exhibit A of the Company’s Management Information Circular dated August 20, 2020, a copy of which is available at www.sedar.com.

GlobeNewswire — iLOOKABOUT Corp. (TSXV:ILA; OTCQB:ILATF) (“ILA” or “the Company”) further to its news release issued on January 15th, 2021 and January 22nd, 2021, the Company is pleased to announce it has executed the definitive agreements and closed the acquisition of 100% of the issued and outstanding stock of; (i) Voxtur Technologies, Inc. (“Voxtur Technologies”); (ii) 100% of the membership interests of Bright Line Title, LLC (“Brightline Title”), and (iii) certain technology and non-legal assets of James E. Albertelli, P.A. and certain of its affiliates (collectively, “JEA”) (the “Acquisition”).

In addition to closing the Acquisition, the Company has received all requisite approvals and has changed its name from “iLOOKABOUT Corp.” to “Voxtur Analytics Corp.” The Company is expected to begin trading under “Voxtur Analytics Corp.” on the TSX Venture Exchange at the opening of markets on February 5th, 2021 under the new ticker symbol “VXTR”. No action will be required by existing shareholders with respect to the name change. Issued share certificates representing common shares of the Company will not be affected by the change of name and will not need to be exchanged. Complete marketing materials and rebranding efforts will continue to transition over the next few months.

ʺWith this acquisition, the Company will be in a position to deliver a valuable suite of products and services to the real estate sector offering a breadth of insight, understanding and analytics distinctive in today’s marketplace. By combining both sets of assets, we are now able to touch many functions in the real estate value chain and, as a result, we are able to move the vision forward for a more efficient real estate transaction, increasing value for all,” said Gary Yeoman, Chair and Chief Executive Officer of the Company. “In addition to the near‐term revenue benefits anticipated with the addition of Voxtur’s and Brightline’s significant client base, this transaction is aligned with our previous investments in technology and the accumulation of proprietary industry data creating a resilient and dynamic growth platform.”

The combination of assets allows the Company to integrate its proprietary data, analytics, and technologically enhanced services to reduce the costs caused by imperfect information.

“Bringing both groups together allows us to differentiate ourselves by being able to offer a unique set of complementary services in real estate valuation, property tax, title insurance and default services. As we harness the data within each of our offerings and incorporate our machine learning and artificial intelligence expertise into these products, we are able to provide differentiated value to consumers and lenders alike,” said Jim Albertelli, founder of JEA and now President of the Company. “We are excited to join forces with Gary and build upon his successful track record. Both management teams have already come together and are fully aligned with the Company’s emphasis on growth and value creation with the long-term vision of creating a fully digitized view of a real estate asset.”

In conjunction with the Acquisition, ILA is delighted to expand its existing credit facilities with Bank of Montreal’s (“BMO”) Technology & Innovation Banking Group for an additional approximate amount of $23.5 million (the “Term Loan”), as previously announced in a news release issued by the Company January 15, 2021. The Term Loan contains customary financial and restrictive covenants, and are secured by assets of ILA and its subsidiaries, which primarily consists of intellectual property and accounts receivable. The proceeds of the Term Loan will be used for costs associated with the Acquisition, other strategic initiatives and general corporate and working capital purposes.

“We are appreciative of BMO’s ongoing support, which has allowed us to execute on this transformation and strategic acquisition. Besides growing our marketshare, the acquisition will also allow us to add new products and offerings to our platform in the future,” continued Mr. Yeoman.