Increasing Recurring Revenue and Accelerating Innovation
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.
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.
Anow is an appraisal management software that simplifies the way real estate appraisers manage their businesses. Launched in 2011 by multi-generational appraisal professional Marty Haldane, Anow streamlines a wide range of everyday appraisal processes while offering unmatched business insights to help appraisers compete in today’s digital environment. Powerful order tracking, job assignment, collaboration, scheduling tools, and mobile apps allow appraisers and administrative staff to save time, assign appraisals more easily and deliver exceptional service to clients and mortgage lenders from any webenabled device. Advanced reporting enables business owners to manage fee competition and turn times with ease.
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.