Voxtur executes agreement to acquire Benutech, a leading source of innovative title data solutions and technology applications
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 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 property 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 utilization of data within real estate finance," said Voxtur CEO Jim Albertelli. "This is another example of long overdue digitization that will benefit stakeholders throughout the lending 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 property data in the United States. Its primary applications, Title Toolbox and ReboGateway, allow for a more efficient and proactive approach by providing advanced warning of changing market conditions. Further, the cloud-based workflow allows users to expedite the underwriting process using prepopulated data in the reporting structure.
"Together, Voxtur and Benutech have an extraordinary opportunity to drive the closing process of the future," said Benutech CEO Ryan Marshall. "With the added value and support of Voxtur's technology solutions, Benutech's ability to provide streamlined, data-driven solutions will be unrivaled."
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. A majority of the Share Component will be subject to a contractual lock up with certain Benutech stockholders, with the locked-up shares being released in equal installments every calendar quarter following the closing 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 in no way passed upon 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 the 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, property valuation, and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, 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”). Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “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 anticipated timing thereof; final approval of the Acquisition by the TSX Venture Exchange; the positioning and product offerings of Benutech following the completion of the Acquisition; expectations for the effects of certain milestones or the ability of the Company to successfully achieve certain business objectives; the effects of unexpected costs, liabilities or delays; success of software activities; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. 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. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
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 does not assume any 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 are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Chief Investment Officer