- Urbanimmersive (UI) has acquired a real estate photography agency
- The company paid a combination of $961,000 in cash and shares for Virtual Access Tours LP
- This acquisition marks the company’s first acquisition in the United States
- Urbanimmersive develops and commercializes real estate photography technologies and services
- Shares in Urbanimmersive (UI) are up 3.75 per cent, trading at $0.83 per share
Urbanimmersive (UI) has acquired Virtual Access Tours LP, a real estate photography agency.
The company paid $961,000 in cash and shares in consideration for ownership of the company.
All shares issued today are subject to a 12-month lock-up period until December 3rd, 2022.
This new acquisition marks the first real estate photography full-service business acquired in the United States.
VAT, a client of Urbanimmersive, was founded in 2004 and based in Jackson, New Jersey. It is a well-established and well-known full-service real estate marketing firm offering state-of-the-art photography and virtual tours, automated marketing systems, website designs, floor plans, and a myriad of other marketing services.
Last fiscal year, VAT reported annual revenues totalling US$559,000.
Ghislain Lemire, President and CEO of Urbanimmersive, commented on the acquisition of Virtual Access Tours.
“We are proud of having acquired Virtual Access Tours,” he said, “and to welcome Michael and Cathy Basch, former owners of VAT, to our team.”
“We are delighted to join the Urbanimmersive Group, a leader in real estate 3D marketing solutions which shall enhance our marketing product offering with their innovative 3D solutions and assist us in growing our business further,” said Michael Basch, President of Virtual Access Tours.
Urbanimmersive will pay $449,000 in cash and $513,000 in shares plus contingent share payments totalling up to US$450,000, with up to $US 225,000 payable in 12 months and up to $US 225,000 payable in 24 months.
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards.
Shares in Urbanimmersive (UI) are up 3.75 per cent, trading at $0.83 per share as of 2:50 pm EST.
