Voxtur Solidifies Position as Independent Valuation Tech Provider with Divestiture of AMC Business
Voxtur Analytics Corp. has sold 100% of the outstanding membership interests in its appraisal management company (AMC) business to Accurate Group Holdings, LLC for USD$30 million. The majority of the proceeds will be used to reduce the company's credit facility. Voxtur will now focus on its technology offerings for the real estate space, including its Voxtur Anow platform.
11/01/2023 - 02:01 PM
Company’s exit from appraisal management services space positions Voxtur as a pure-play tech company
TORONTO and TAMPA, Fla., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF ) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, announced that today, its wholly-owned subsidiary Voxtur Analytics U.S. Corp. ("Voxtur US") , has executed a membership interest purchase agreement ("Agreement") today in an arms length sign and close transaction with Accurate Group Holdings, LLC ("AGH") and Voxtur Services LLC ("Voxtur Services"), whereby the Company, through Voxtur US, today sold 100% of the outstanding membership interests in Voxtur Services to AGH, for consideration of USD$30 million , with USD$26 million paid in cash on closing and an additional USD$4 million in earn-out consideration to be paid upon the achievement of certain financial targets as set forth in the Agreement (the "Transaction"). The majority of the proceeds from the Transaction will be used to reduce the Company’s credit facility.
As a result of the Transaction, the Company has divested of all its holdings in its appraisal management company ("AMC") business to streamline its operations and narrow its valuation focus on its technology offerings for the real estate space. Voxtur will continue to provide technology solutions to the valuation industry by way of its Voxtur Anow platform with: Appraisal Direct, its appraisal management rules-based engine that connects lenders directly to valuation professionals; Voxtur Connect, its business management and workflow tool for lenders to manage multiple appraisal management companies; Voxtur Data Collection and Walkthrough application, its web-based data collection tool, Voxtur ReportsNow, its automated rules based report builder that assists valuation professionals in generating comprehensive valuation reports; and Apex Sketch, its software application that creates exterior and interior floorplan sketches.
"Exiting the AMC space is a strategic play that enables Voxtur to embrace its position as an independent valuation technology leader in the real estate tech world," said Gary Yeoman, CEO of Voxtur. "We are excited to move forward with a renewed focus on the solutions we can provide the market to create a better, more efficient lending lifecycle.”
Voxtur is a leading provider of advanced real estate technology solutions. With a mission to streamline and enhance the real estate industry, Voxtur leverages cutting-edge AI and machine learning technologies to provide innovative software applications and data-driven solutions. Voxtur’s comprehensive suite of products includes mortgage asset trading, property valuation solutions, title and settlement services, and property tax solutions, catering to the diverse needs of lenders and professionals in the real estate ecosystem.
This Transaction has been conditionally approved by the TSXV, but is subject to final approval. No finders fees will be paid with respect to this Transaction.
For more information on how Voxtur is transforming the real estate industry and to learn more about our diverse technology solutions, please contact us or visit www.voxtur.com.
About Voxtur
Voxtur is a transformational real estate technology Company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com .
Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management’s current expectations regarding future events and the Company’s financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company’s financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur‘s management in preparing the financial guidance and targets.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Voxtur's common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Contact:
jordan@voxtur.com
For media inquiries: jacob@gaffneyaustin.com
What did Voxtur sell in the transaction?
Voxtur sold 100% of the outstanding membership interests in its appraisal management company (AMC) business.
Who did Voxtur sell the AMC business to?
Voxtur sold the AMC business to Accurate Group Holdings, LLC.
How much was the consideration for the transaction?
The consideration for the transaction was USD$30 million.
How will the proceeds be used?
The majority of the proceeds will be used to reduce the company's credit facility.
What will Voxtur focus on after the transaction?
Voxtur will focus on its technology offerings for the real estate space, including its Voxtur Anow platform.
