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Be the first with the news that moves the market- ApartmentLove (APLV) has executed an asset-purchase agreement with an Ontario-based internet listing services company
- The agreement is for the purchase of the internet-listing services business of the seller for a cash purchase price of $940,000, subject to customary working capital adjustments
- The acquisition is expected to close on or about November 30, 2022
- CEO Trevor Davidson sat down with Sabrina Cuthbert to discuss the news
- ApartmentLove Inc. is a leading provider of online rental marketing services to property owners, renters, and vacationers in more than 30 countries around the world
- ApartmentLove Inc. (APLV) opened trading at C$0.11
ApartmentLove (APLV) has executed an asset-purchase agreement with an Ontario-based internet listing services company.
The agreement is for the purchase of the internet-listing services business of the seller for a cash purchase price of $940,000, subject to customary working capital adjustments.
“The Canadian rental market remains very active as would-be homeowners are turning away from the unattainably high cost of home ownership in favour of the freedom and flexibility afforded to renters,” stated Trevor Davidson, President & CEO of ApartmentLove Inc.
“The acquisition provides us with many new and additional paying customers and their rental listings, many of which are in the greater Toronto area (the GTA), the nation’s most populated region, while also providing hundreds of thousands of new Monthly Active Users (MAUs) greatly expanding the scope and capacity of our Canadian offering,” he added.
The acquisition is expected to close on or about November 30, 2022, subject to the completion of customary closing conditions contained in the purchase agreement for transactions of this nature.
Following the closing of the acquisition, ApartmentLove expects to retain the existing front-line operating team currently driving the acquired business in addition to preserving the domain as a standalone asset under the expanding ApartmentLove Inc. umbrella.
Management believes these post-closing procedures will help ensure a smooth transition for all customers, clients, MAUs, and cash flows.
In the short term, the incremental revenue and net cash generated from the Acquired Business’ operations will support the company’s recurring cash flows and contribute to management’s aim of becoming cash flow positive as quickly as possible.
CEO Trevor Davidson sat down with Sabrina Cuthbert to discuss the news.
ApartmentLove Inc. is a leading provider of online rental marketing services to property owners, renters, and vacationers in more than 30 countries around the world.
ApartmentLove Inc. (APLV) opened trading at C$0.11.
