- Reklaim (MYID) has signed a non-binding letter of intent to purchase the assets of Multimedia Lists (MML), a data broker currently operating in the United States
- MML is a cash flow-positive company, and its entrance is expected to immediately double the monthly revenue of Reklaim when the transaction closes
- The signing of the letter of intent is only a first step in the transaction, which remains conditional on a number of customary factors
- These include signing a definitive agreement, receiving the final approval of the TSX Venture Exchange, and Reklaim being satisfied with its due diligence investigation of MML
- Reklaim Ltd. is a privacy-compliant identity ecosystem, available both online and as a mobile application on iOS and Android in the United States, Canada, Australia, Singapore, and New Zealand
- Reklaim Ltd. opened trading at C$0.07 per share
Reklaim (MYID) has signed a non-binding LOI to purchase the assets of Multimedia Lists (MML), a data broker currently operating in the United States.
MML is a cash flow-positive company, and its entrance is expected to immediately double the monthly revenue of Reklaim when the transaction closes.
The signing of the letter of intent is only a first step in the transaction, which remains conditional on a number of customary factors.
The factors include but are not limited to the companies entering into a definitive agreement, receiving the final approval of the TSX Venture Exchange, and Reklaim being satisfied with its due diligence investigation of MML.
Reklaim expects that the transaction terms will be structured based on a multiple of MML’s EBITDA (earnings before interest, taxes, depreciation and amortization).
The terms will also include a performance earn-out over a four-year term with payment consisting of a combination of cash and stock and dependencies on hitting specific EBITDA goals.
“MML has several Fortune 500 clients that complement the existing clients and distribution of Reklaim,” said Reklaim CEO Neil Sweeney.
“As privacy legislation and technology changes are putting the onus on data companies to ensure the data being offered to clients is compliant, partnering with Reklaim will help MML retain and grow their client base,” he added.
Reklaim Ltd. is a privacy-compliant identity ecosystem, available both online and as a mobile application on iOS and Android in the United States, Canada, Australia, Singapore, and New Zealand.
Reklaim Ltd. opened trading at C$0.07 per share.
