- Urbanimmersive Inc. (UI) has completed its acquisition of IMOTO LLC and Stilio LLC., owner of RocketPhoto
- The acquisition was for a total purchase price of $5 million with $1.8 million paid in cash at closing
- $297,000 was paid immediately by issuing 349,828 shares of Urbanimmersive at a price of $0.85 per share
- IMOTO is one of the top real estate photography service agencies in the US with locations in 11 states, and generated revenues of US$3.3 million for its last fiscal year
- RocketPhoto is a nationwide real estate photography marketplace platform with more than 450 active profiles
- Urbanimmersive Inc. (UI) is down 2.47 per cent trading at $0.79 per share as of 1:05 p.m. EST
Urbanimmersive Inc. (UI) completed the acquisition of all units of IMOTO LLC and Stilio LLC., owner of RocketPhoto.
The acquisition was for a total purchase price of $5 million with $1.8 million paid in cash at closing.
$297,000 was paid immediately by issuing 349,828 shares of Urbanimmersive at a price of $0.85 per share.
$2.7 million will be paid with 3,157,115 shares on January 3, 2022.
A $ 200,000 balance of sale is payable upon approval of the closing financial statements.
Additionally, contingent share payments up to $2.3 million are payable in three equal annual payments of up to $771,000.
Payments are conditional to IMOTO’s minimum revenue growth milestones needing to be met over the next three years.
All shares issued today and on January 3rd, 2022, are subject to a six-month minimum holding period.
This strategic acquisition in the US will expand Urbanimmersive’s presence in complementary regions.
It sets up the company for significant growth and cross-selling opportunities between IMOTO photo service customers, UI SaaS customers and RocketPhoto marketplace.
IMOTO is one of the top real estate photography service agencies in the US with locations in 11 states and generated revenues of US$3.3 million for its last fiscal year.
RocketPhoto is a nationwide real estate photography marketplace platform with more than 450 active profiles.
Urbanimmersive Inc. (UI) is down 2.47 per cent trading at $0.79 per share as of 1:05 p.m. EST.
