Urbanimmersive Inc.is pleased to announce having completed the acquisition of all the units of the real estate photography agency IMOTO LLC (‘IMOTO’) and all of the units of Stilio LLC, owner of the real estate marketplace RocketPhoto for a total purchase price of $5.0M with $1.8M paid in cash at closing, $297k paid through the immediate issuance of 349,828 shares of the Company at a price of $0.85, $2.7M paid through issuance of 3,157,115 shares of the Company at a price of $0.85 per share on January 3rd, 2022, $0.2M as a balance of sale payable upon approval of the closing financial statements, plus contingent share payments (earn-outs) totaling up to $2.3M payable in 3 equal annual payments of up to $771k each, with payments being conditional on IMOTO minimum revenue growth milestones to be met over the next three years. All shares issued today and on January 3rd, 2022 are subject to a 6-month minimum holding period.
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This major strategic acquisition in the US will significantly expand the Company’s US presence in complementary regions and set the table for significant growth and cross-selling opportunities between IMOTO photo service customers, UI SaaS customers and RocketPhoto marketplace. IMOTO is one of the top real estate photography service agencies in the US with a presence in 11 US states, a strong coverage in the Southern states and having generated revenues of $US 3.3m for its last fiscal year. RocketPhoto is a nationwide real estate photography marketplace platform with more than 450 active photographer profiles representing nearly every state in the US.
“We are very proud having completed the acquisition of IMOTO and RocketPhoto and welcome their experienced team within the Group. Those recent acquisitions should consolidate further our leading position in North America as a business with fully-integrated real estate marketing service, accelerate further the adoption of our 3D tours and our subscription packages, add complementary expertise and bring new best practices within the Group”, said Ghislain Lemire, President and CEO of Urbanimmersive.
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“I am very pleased, along with our IMOTO team, to join Urbanimmersive Group, a worldwide leader in real estate 3D marketing solutions, both as a member of the Management team and as a shareholder, and to have the opportunity to contribute in bringing this new Group to the next level”, said Darryl Glade, President of IMOTO.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the adequacy or accuracy of this release.
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