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Voxtur executes agreement to acquire Benutech, a leading source of innovative title data solutions and technology applications
November 24, 2021 08: 16 ET | Source: Voxtur Analytics Corp.
TORONTO and TAMPA, Fla., 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 an industry leader in innovative technology solutions and applications. Benutech allows real estate professionals (lenders, investors, and agents) to access property data from multiple sources via 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 yet another example of digitization, which will help stakeholders all through the lending process by speeding up and making it 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 is one of the most comprehensive repositories for real-time property information in the United States. The primary applications, ReboGateway and Title Toolbox, enable a more proactive and efficient approach. They provide advanced warnings of changes in the market and allow users to be more proactive. The cloud-based workflow also allows users to speed up the underwriting process by using prepopulated data from the reporting structure.
“Together, Voxtur and Benutech have an extraordinary opportunity to drive the closing process of the future,” said Benutech CEO Ryan Marshall. Benutech’s unrivaled ability to deliver data-driven, streamlined solutions is due to the additional value and support Voxtur’s technology. “
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. The majority of the Share Component will remain subject to a contractual lockup with certain Benutech stockholders. These shares will then be released in equal quarterly installments following the close 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 not reviewed the merits or disapproved this press release. Neither the TSXV or its Regulation Services Provider (as this term is defined by the TSXV policies) assumes responsibility for the accuracy or completeness of this press release.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The company offers tailored data analytics to simplify tax and property valuations, as well as settlement services, throughout the entire lending cycle for investors, lenders and government agencies. Voxtur’s proprietary data hub, workflow platforms, and software help to value assets more accurately, service and originate loans, securitize portfolios, and assess tax assessments. The Company is a service provider to the public and private property tax and lending sectors in the United States and Canada. For more information, visit www.voxtur.com.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information“). Forward-looking information may include information that is not based upon historical facts. This information could be considered forward-looking information under the United States and Canadian securities laws. Forward-looking information can be based on projections, estimates, and expectations as of the date this news release. It may be identified with the words “may”, “would”, “could”, and “should” and “intend”, and “intend”, and “plan”, and “anticipate”, and “believe”, and “estimate”, and similar expressions. Forward-looking information could include, but not be limited to, the closing of Acquisition and its expected timing; final approval by the TSX Venture Exchange of Acquisition; positioning and product offerings for Benutech after the Acquisition; expectations regarding the Company’s ability to achieve certain business objectives; unexpected costs, liabilities, delays; success of software activities; future production costs and other conditions. Forward-looking information does not reflect historical facts. Instead, it reflects projections or estimates regarding future results or events that are based on management’s opinions, assumptions and estimates at the time the information was provided. The Company believes the expectations expressed in forward-looking information are reasonable. However, these projections and estimates do not reflect historical facts and instead reflect the opinions, assumptions and estimates of management at the time the information is provided. Unknown or unpredicted factors could have adverse effects on the Company’s future performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: the ability of the parties to complete the Acquisition on the terms and on the timeframe currently contemplated; additional costs related to acquisitions; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure or failure to implement technological upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Forward-looking information should not be relied upon by readers.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company is not obligated to revise or update this information in order to reflect any new events or circumstances, except as required by 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.
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