- NowVertical Group Inc. (NOW) has agreed to acquire all of the issued and outstanding securities of Resonant Analytics LLC for roughly $2.6 million
- NowVertical will give an upfront payment of $1.5 million on closing and is expecting funding from a U.S. banking partner
- The agreement is scheduled to close by July 31st
- NowVertical’s agreement with Affinio Inc have been amended
- Consideration paid to involved vendors will be altered
- NowVertical Group Inc. (NOW) is down 5.32 per cent and is trading at $0.44 per share as of 2:47 p.m. ET
NowVertical Group (NOW) has agreed to acquire all of the issued and outstanding securities of Resonant Analytics LLC for roughly $2.6 million.
Resonant is a U.S. guided solutions analytics firm providing CRM program strategy, database marketing and business intelligence solutions.
NowVertical has agreed to acquire Resonant for a closing cash payment of $1.5 million and 900,000 NowVertical subordinate voting shares priced at US$1.00 per share, subject to holdbacks.
NowVertical also agreed to an earn-out consideration which will be paid over three fiscal years based on certain adjusted EBITDA targets and paid annually in two-thirds cash and one-third of its shares.
The company anticipates the closing cash payment to be funded using term debt with a U.S. banking partner, and for the transaction to close by July 31st
In other news, the terms of NowVertical’s agreement to acquire all the issued and outstanding securities of Affinio Inc have been amended.
The amendment will alter the consideration paid to Whitecap Venture Partners, Round13 Capital, and Build Ventures. The vendors were entitled to a deferred cash payment of $1.5 million last week.
The vendors have also agreed to accept a $750,000 cash payment by August 31st and the remaining $750,000 in the company’s shares, plus an additional 195,000 shares.
NowVertical Group Inc. (NOW) is down 5.32 per cent and is trading at $0.44 per share as of 2:47 p.m. ET.
