Voxtur strengthens its SaaS title activity with the acquisition of
TORONTO and TAMPA, Fla., November 24, 2021 (GLOBE NEWSWIRE) – Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF(âAgreementâ) for the acquisition (the âAcquisitionâ) of all of the issued and outstanding shares of Benutech, Inc. (âBenutechâ). 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 real estate 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 better use of data in the real estate finance industry,” said Jim Albertelli, CEO of Voxtur. âThis is another long-awaited example of digitization that will benefit stakeholders throughout the loan 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 real estate data in the United States. Its main applications, Title Toolbox and ReboGateway, enable a more efficient and proactive approach by providing advanced warning of changing market conditions. Additionally, the cloud-based workflow allows users to speed up the underwriting process using pre-populated data in the reporting framework.
âTogether, Voxtur and Benutech have an extraordinary opportunity to drive the closing process of the future,â said Ryan Marshall, CEO of Benutech. âWith the added value and support of Voxtur’s technology solutions, Benutech’s ability to deliver streamlined and data-driven solutions will be unmatched. “
Consideration for the Acquisition will consist of a maximum of US $ 17 million (the âPurchase Priceâ), including US $ 7 million of the purchase price to be paid by the issuance of common shares of Voxtur. (the âEquity Componentâ), US $ 5 million must consist of a cash payment and up to US $ 5 million to be settled by the issuance of additional common shares of Voxtur, subject to certain conditions. earn-out provisions set out in the Agreement (the âAdditional Share Componentâ). To determine the Share Component and the Additional Share Component, the value of each share will be calculated as the lesser of the following: (i) the volume-weighted average closing price per share for the thirty (30) trading days preceding and ending on June 8, 2021 (the day immediately preceding the public announcement of the acquisition by the Company), or (ii) the volume-weighted average closing price per share for the thirty (30) trading days preceding and ending on the day immediately preceding the closing date of the Acquisition. A majority of the Shares Component will be subject to contractual blocking with certain shareholders of Benutech, the blocked shares being released in equal installments each calendar quarter following the closing of the Acquisition.
Completion of the Acquisition is subject to obtaining all required regulatory, corporate and third party approvals, including the approval of the TSX Venture Exchange (the âTSXVâ), and is expected to be completed by the fourth quarter of 2021. TSXV has in no way considered 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 TSXV) accepts responsibility for the adequacy or accuracy of this release.
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, real estate appraisal and settlement services across the loan lifecycle for investors, lenders, government agencies and service providers. Voxtur’s proprietary data hub and workflow platforms assess assets more accurately and efficiently, create and manage loans, securitize portfolios and assess tax assessments. The Company serves the real estate lending and property tax industries, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking information“). Any information contained in this document that is not based on historical facts may be considered to constitute forward-looking information within the meaning of the securities laws of Canada and the United States. Forward-looking information may be based on expectations, estimates and projections as of the date of this press release and may be identified by the words âcouldâ, âwouldâ, âcouldâ, âshouldâ, âwillâ, “” Intend “,” plan “,” anticipate “,” believe “,” estimate “,” expect “or similar expressions. Forward-looking information may include, but is not limited to: the closing of the acquisition and the expected timing of the acquisition; final approval of the acquisition by the TSX Venture Exchange; the positioning and product offerings of Benutech following completion of the Acquisition; expectations regarding the effects of certain milestones or the Company’s ability to successfully achieve certain business objectives; the effects of unforeseen costs, liabilities or delays; successful software activities; expectations regarding other economic, commercial, environmental, regulatory and / or competitive factors relating to the Company or to the real estate industry in general; anticipated future production costs; and other events or conditions that may arise in the future. Investors are cautioned that forward-looking information is not based on historical facts but rather reflects estimates or projections regarding future results or events based on management’s opinions, assumptions and estimates considered reasonable as of the date on which the information is provided. Although the Company believes that the expectations reflected in this forward-looking information are reasonable, such information involves risks and uncertainties, and such information should not be relied upon because unknown or unforeseeable factors could have material adverse effects on the Company. the future results, performance, or achievements of the Company. 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 schedule currently contemplated; additional costs related to acquisitions; changing global financial conditions, particularly in light of the global COVID-19 pandemic; dependence on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk of technological failure or of non-implementation of technological developments; the Company’s dependence on the maintenance of intellectual property; operating losses and negative cash flows; and currency fluctuations. Therefore, readers should not place undue reliance on forward-looking information contained in this document.
This forward-looking information is provided as of the date of this press release and, therefore, is subject to change after that date. The Company assumes no 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 trade on the TSX Venture Exchange under the symbol VXTR and in the United States on the OTCQB under the symbol VXTRF.
Director of Investments
Phone. : 416.479.9547