Voxtur Bolsters its SaaS Title Offerings with Acquisition of Benutech
GlobeNewswire — Toronto, Ontario and Tampa, Florida – December 30, 2021 — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that, further to the news releases issued on November 24, 2021 and December 21, 2021, it has completed the acquisition (“Acquisition”) of Benutech, Inc. (“Benutech”).
Benutech brings efficiency and profitability to real estate with innovative data solutions and an advanced technology platform. With one of the largest repositories of real-time property data in the United States, Benutech enables real estate professionals to access data from multiple public and private data sources through a subscription-based model.
“With the acquisition of Benutech, we continue to build our repository of Voxtur-validated data and innovative SaaS solutions,” said Voxtur CEO Jim Albertelli. “We are thrilled to join forces with the Benutech team, which will allow us to further enhance our technology platform, increase our recurring revenue, and continue Voxtur’s transition to a SaaS-based model.”
Total consideration for the Acquisition consisted of a cash payment in the amount of US$5 million, 10,239,757 common shares (“Common Shares”) in the capital of Voxtur (the “Share Component”), and up to 7,314,112 additional Common Shares, with the specific number of additional Common Shares to be determined in accordance with certain earn out terms set forth in the Agreement. A majority of the Share Component is subject to a contractual lock up with certain Benutech stockholders, with the locked-up shares scheduled to be released in equal installments each calendar quarter for a period of four years from the date of closing of the Acquisition.
The Acquisition constituted an “Expedited Acquisition” in accordance with TSX Venture Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets and remains subject to final approval by the TSX Venture Exchange. All references to currency in this release are reference to US dollars
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This news release contains forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may not be realized. These statements relate to future events or future performance and reflect management’s current expectations and assumptions which are based on information currently available to management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements discussed in the forward-looking statements. The inclusion of forward-looking statements and information should not be regarded as a representation of Voxtur or any other person that the anticipated results will be achieved, and investors are cautioned not to place undue reliance on such information.
These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. Voxtur does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.