TORONTO and TAMPA, Fla., Sept. 01, 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 August 23, 2021, it has completed the acquisition (“Acquisition”) of Xome Services LLC and Xome Valuation Services LLC (collectively, “Xome Valuations”). Xome Valuations is a leading provider of valuation management products and services to clients in the residential real estate sector. Voxtur's industry-leading technology solutions and workflow management combined with the brand strength and operational expertise of Xome Valuations strengthens the Company's position as a leader in the valuation space and accelerates its goal of becoming the most robust, authoritative source of property data in the U.S.
Total consideration for the Acquisition was approximately $15 million (the “Purchase Price”), $6 million of which was comprised of 10,251,834 common shares of Voxtur (the “Share Component”) and $9 million of which was comprised of a cash payment. The Share Component is subject to a contractual lock up, with the locked-up shares scheduled to be released in equal installments each calendar quarter for a period of four years from the date of closing.
“With this Acquisition, the Company achieves tremendous scalability in the valuation tech-enabled services space, with an opportunity to deploy its existing Anow SaaS platform to drive revenue growth,” said Voxtur CEO Jim Albertelli. “We are thrilled to have had the opportunity to work with a long-term partner like Xome to continue Voxtur's growth trajectory, building a solid foundation for digitization, innovation and transition to a purely SaaS-based model."
The Company has received approval of the Acquisition from the TSX Venture Exchange. All references to currency contained in this release are reference to US dollars.