TORONTO and TAMPA, Fla., September 22, 2022 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. VXTRVXTRF (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that it has completed the acquisition, following the press release issued on August 15, 2022 (“ Acquisition”) from Blue Water Financial Technologies Holding Company, LLC (“Blue Water”).
“By merging Blue Water’s digital asset capabilities with Voxtur’s data storage and analytics solutions, we are creating a powerful and sophisticated new platform to streamline mortgage trading,” said Jim Albertelli, CEO of Voxtur. “This acquisition allows Voxtur to diversify and expand existing revenue streams from the primary mortgage market while adding new revenue streams in the secondary market.”
Blue Water is a high growth company with revenues of approximately $11.4 million and net income of $6.7 million for the year ended December 31, 2021. For the trailing twelve months (“TTM”) ended July 31, 2022, Blue Water generated approximately $18 million in revenue and $11 million in net income for the period, with ongoing rates of revenue and net income increasing1.
consideration for the purchase
Total consideration for the acquisition was approximately $101 million, consisting of a cash consideration of $30 million and the issuance of 170 million common shares of the Company (“Common Shares”), with 101 million common shares being shares issued as consideration equal quarterly installments and 69 million common shares issued in fulfillment of Blue Water’s existing long-term incentive plan and issued in three equal annual installments (collectively, the “Stock Consideration”). The acquisition is subject to customary representations and warranties and indemnification provisions, and the stock consideration is subject to adjustment in accordance with the terms set forth in the membership…
