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