- Urbanimmersive (UI) has closed its acquisition of real estate photography agency Agence Immophoto Inc
- Urbanimmersive paid approximately $500,000 in the cash-and-stock deal
- The Quebec company has now acquired all issued and outstanding shares of Agence Immophoto
- Immophoto is a client of Urbanimmersive and one of the top players in the Quebec market for high-end real estate photography services
- Urbanimmersive is down 4.17 per cent, trading at $0.92 at 10:49 am ET
Urbanimmersive (UI) has closed its acquisition of real estate photography agency Agence Immophoto Inc.
Urbanimmersive paid approximately $500,000 in the cash-and-stock deal. The Quebec-based company has now acquired all issued and outstanding shares of Agence Immophoto.
The final payment is due 12 months after the deal officially closes.
This acquisition is in line with the company’s accelerated growth plan announced this June and follows the recent integration successes of the real estate photography service businesses EGP Technovirtuel, La Clique Mobile and Graphique ID which were acquired in June.
Immophoto is a client of Urbanimmersive and one of the top players in the Quebec market for high-end real estate photography services.
Urbanimmersive believes the acquisition complements its real estate photography service offer in Quebec and consolidates its position of strength in that market.
Immophoto is a growing and profitable business which generated revenues of $518-thousand for its last fiscal year, has a diversified clientele mainly in the greater Montreal area, a vast experience and a solid reputation in the market.
“Over the past few months, we are proud to have been able to successfully integrate our first acquisitions of real estate photography agencies. This success can be measured first of all by the rapid adoption of our monthly subscription packages offered at a competitive price and which include photography services, property websites, 3D tours with floor plans and a basic version of UiMeet3D. We also benefited from the onboarding of large new customers interested in our packages and all this while maintaining our operating margins and increasing our recurring revenues. As a result, the timing couldn’t be better to add Immophoto and its experienced team to our Group, which represents a strategic and complementary addition to the Group and which was able to brilliantly meet the challenge of growing the business in an unfavorable real estate market,” said Urbanimmersive President and CEO Ghislain Lemire.
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards.
Urbanimmersive is down 4.17 per cent, trading at $0.92 at 10:49 am ET.