- Victory Square Technologies (CSE:VST) is acquiring the assets of Aspen Technology
- Aspen is a technology company focused on blockchain and cybersecurity solutions
- Closing of the acquisition is expected to occur on or about February 15, 2021
- The company will issue 4,600,048 common shares at a deemed issue price of C$0.80 per share as payment
- Shares of Victory Square are unchanged on the day, trading at C$0.77 at 1:17 p.m. EST
Victory Square Technologies (CSE:VST) is acquiring the assets of Aspen Technology.
Aspen is a technology company focused on building Blockchain and Cybersecurity solutions.
The company is best known for its work in developing an ecosystem of hardware, software, and networking products to meet increased global consumer demand for new age technology
Victory Square signed an Asset Purchase Agreement (APA) to acquire certain intellectual property assets from Aspen.
Victory Square’s portfolio includes internet companies in key sectors including: digital health, gaming, blockchain, AR/VR, cybersecurity, and cloud computing.
The company is acquiring digital assets of Aspen, including six anchor products currently deployed in the marketplace and or in late-stage development.
These include a VPN network, decentralized database, digital asset exchange, crowd-backed credit card, online virtual currency platform and WiFi monitor.
Following closing of the transaction, Victory Square will launch a new division that focuses on consumer security related products, diversifying the current enterprise database and providing blockchain solutions.
Closing of the acquisition is expected to occur on or about February 15, 2021.
“These Web 3.0 assets represent a strategic addition to our growing portfolio of next gen internet tech,” said Victory Square CEO Shafin Tejani.
“Blockchain technology will have an overwhelming effect on the way consumers adopt and use everyday products in the future. Having already developed a suite of ground-breaking software and hardware solutions catering to consumers that will inevitably utilize blockchain products in the future, we saw an immediate opportunity to bring the team and technology in house and assist in scaling their operations to serve a growing demand.”
Under the terms of the agreement, the company will issue 4,600,048 common shares at a deemed issue price of C$0.80 per share as well as forgive an aggregate of $1,587,001 owed from Aspen to the company for aggregate transaction consideration of $5,267,040.
Shares of Victory Square are unchanged on the day, trading at C$0.77 at 1:17 p.m. EST.
