- Zoomd acquires substantially all of Performance Revenues' assets in a cash/share deal
VANCOUVER, BC, Feb. 10, 2021 /PRNewswire/ --
Zoomd Technologies Ltd. (TSXV: ZOMD) (OTC: ZMDTF) and its wholly-owned subsidiary Zoomd Ltd. (collectively, "Zoomd" or the "Company"), the marketing tech (MarTech) user-acquisition and engagement platform, announces it has acquired the mobile marketing company "Performance Revenues" on February 9, 2021 (www.performancerevenues.com) ("Performance Revenues").
Pursuant to the acquisition agreement, Zoomd acquires all of Performance Revenues' tangible and intangible assets, in consideration for US$350,000 in cash and an earn-out that is based on the annual results of Performance Revenues for 2021, worth a maximum of US1,023,500, payable in Zoomd's shares, using a price per share that is the higher of (i) the fair market value on the day of payment and (ii) C$0.96 ($0.75 USD based on CAD:USD rate) per share. Additional information about the consideration paid and payable will be available in Zoomd's financial statements. The acquisition was an arm's-length transaction, no debt was acquired and no finder's fees were paid or are payable thereunder.
Performance Revenues is a leading international mobile marketing and influencer company, providing a variety of performance-based marketing solutions led by a team of professional marketers, designers, media buyers, and account managers. Its clients include NASDAQ-listed global companies and other international conglomerates. The acquisition opens direct access for Zoomd to additional top-tier global advertisers and a strong entry into the Japanese market. The acquisition is expected to enable Zoomd to offer its existing and new clients new distribution channels, high profile influencer-based marketing and novel video creation services for better advertising campaigns and conversion rates.
Ofer Eitan, Zoomd CEO, noted: "We are happy to welcome Performance Revenues, an amazing team of professionals to onboard. This acquisition will enable us to provide another part of the puzzle to our customers, by using unique CGC (Consumer Generated Content) for influencer activities. In addition to that, we strengthen our client list by adding a number of customers that can now enjoy Zoomd's platform as well."
Oded Frommer, Co-Founder and former CEO of Performance Revenues, added: "I am happy and excited that Performance Revenues will be joining the success story of Zoomd. Performance Revenues was one of the first mobile marketing companies, serving many happy clients over the years. We are confided that our platform will provide synergies to Zoomd's operations and allow us to serve our current client-base with a more comprehensive solution."
The earn-out share issuance is subject to approval by the TSX Venture Exchange.