Voxtur executes agreement to acquire Benutech, a leading source of innovative title data solutions and technology applications
Nov. 24, 2021 (GLOBE NEWSWIRE) — 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 release issued on June 09, 2021, it has signed an agreement (“Agreement”) for the acquisition (the “Acquisition”) of all of the issued and outstanding stock of Benutech, Inc. (“Benutech”). Benutech is a preeminent source of innovative data solutions and technology applications for the real estate industry. Benutech enables real estate professionals, including lenders, investors and real estate agents, to access property data from multiple public and private data sources through a subscription-based model.
“With this acquisition, the Company continues to amass a repository of validated data and intuitive SaaS tools designed to facilitate better control and utilization of data within real estate finance,” said Voxtur CEO Jim Albertelli. “This is another example of long overdue digitization that will benefit stakeholders throughout the lending lifecycle by making processes faster and more efficient.”
Benutech’s mission is to bring efficiency and profitability to real estate in the form of advanced data solutions delivered through an intuitive technology platform. Benutech has one of the largest repositories of real-time property data in the United States. Its primary applications, Title Toolbox and ReboGateway, allow for a more efficient and proactive approach by providing advanced warning of changing market conditions. Further, the cloud-based workflow allows users to expedite the underwriting process using prepopulated data in the reporting structure.
“Together, Voxtur and Benutech have an extraordinary opportunity to drive the closing process of the future,” said Benutech CEO Ryan Marshall. “With the added value and support of Voxtur’s technology solutions, Benutech’s ability to provide streamlined, data-driven solutions will be unrivaled.”
Consideration for the Acquisition will consist of up to US$17 million (the “Purchase Price”), with US$7 million of the Purchase Price to be satisfied by the issuance of common shares of Voxtur (the “Share Component”), US$5 million to be comprised of a cash payment, and up to US$5 million to be satisfied by the issuance of additional common shares of Voxtur, subject to certain earn out provisions set forth in the Agreement (the “Additional Share Component”). To determine the Share Component and Additional Share Component, the value of each share shall be calculated as the lesser of: (i) the volume weighted average closing price per share for the thirty (30) trading days prior to and ending on June 8, 2021 (the day immediately preceding the Company’s public announcement of the Acquisition), or (ii) the volume weighted average closing price per share for the thirty (30) trading days prior to and ending on the day immediately preceding the date of closing of the Acquisition. A majority of the Share Component will be subject to a contractual lock up with certain Benutech stockholders, with the locked-up shares being released in equal installments every calendar quarter following the closing of the Acquisition.
Completion of the Acquisition is subject to the receipt of all required regulatory, corporate and third-party approvals, including the approval of the TSX Venture Exchange (the “TSXV”), and is expected to close in the fourth quarter of 2021. The TSXV has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this press release. Neither TSXV 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 release.