All amounts are in US dollars unless otherwise specified
TORONTO, July 21, 2022 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (TSX-V: NOW) (“NOW” or the “Company”), a big data, analytics and vertical intelligence (“VI”) software and services company, today announced that it has completed its previously announced acquisition (the “Acquisition”) of 100% of the issued and outstanding securities of Resonant Analytics, LLC (“Resonant”), a USA-based guided solutions analytics firm.
“The acquisition of Resonant provides NOW with an expanding footprint in the US marketing and business analytics space, an enterprise customer base and growing revenues," said Daren Trousdell, Chairman & CEO of NOW. Continuing, Mr. Trousdell noted that “the addition of the Resonant team reflects our ongoing focus on investing in leading vertical expertise and creating opportunities to introduce NOW’s robust software offering to established customer relationships. Today’s acquisition brings together two great companies that are driven to help customers realize the potential of Vertical Intelligence.”
Resonant works with some of the world’s most recognizable global enterprises, including Fortune 500 companies such as Adobe, Palo Alto Networks, and DocuSign, across multiple industry verticals and provides guided solutions all along the marketing data analytics value chain. The Transaction significantly expands NOW Solutions' U.S. commercial business, adding opportunities in addition to clients across multiple verticals, including Banking & Financial Services, Software Products, Consumer Package Goods, Travel & Leisure, and Healthcare.
“We are excited to become part of the NOW group of companies. Our combination today allows us to grow our platform by leveraging our combined customer relationships, networks and expertise,” said Dr. James “Jackson” Barrett, founder and President of Resonant Analytics. “As a result of this transaction, existing Resonant customers will benefit from a broader range of software and implementation solutions across a larger geographic footprint.”
Concurrent with the closing of the Acquisition, NOW secured a credit facility with US-based MVB Bank, comprising a term loan initially bearing interest at the Three Month Treasury Rate plus 3.15% per annum and a revolving line of credit bearing interest at the WSJ Prime Rate plus 0.50% (each with a floor of 4.5%).
Further details concerning the Acquisition are contained in NOW’s press release dated July 6, 2022, which can be found on the Company’s issuer profile at sedar.com.
About NowVertical Group Inc.
NOW is a big data, analytics and VI software and services company that is growing organically and through acquisition. NOW's VI solutions are organized by industry vertical and are built upon a foundational set of data technologies that fuse, secure, and mobilize data in a transformative and compliant way. The NOW product suite enables the creation of high-value VI solutions that are predictive in nature and drive automation specific to each high-value industry vertical. For more information about the Company, visit www.nowvertical.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Daren Trousdell, Chief Executive Officer
e: daren@nowvertical.com
t: (212) 302-0868
or
Glen Nelson, Investor Relations
e: glen@nowvertical.com
t: (403) 763-9797
Forward‐Looking Statements
This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
7289262
