Strategic Acquisition Strengthens Technology Toolbox
Transaction Highlights
- The Acquisition adds a broad product suite to manage and automate end-to-end appraisal processing with streamlined big data, machine learning, and process automation functionality.
- Provides a stable reoccurring subscription-based revenue stream derived from a diverse customer base across North America, South America, Europe, Africa, Asia, and Oceana.
- Historical year-over-year revenue growth rate of >75%, with average revenue churn of <1%
- Multiple patents pending on new, market-leading functionality to support an “appraiser-first” model that benefits all value-chain participants from lenders to consumers.
- Works directly with appraisers, lenders, and appraisal management companies to digitize the entire appraisal value chain on all current and future Fannie Mae & Freddie Mac appraisal forms.
GlobeNewswire — Voxtur Analytics Corp. (TSXV:VXTR) (“Voxtur” or “the Company”) is pleased to announce that it has executed a share purchase agreement (“SPA”) for the acquisition of 100% of the issued and outstanding common shares of Appraisers Now Ltd. (“Anow”) (the “Acquisition”). Anow is an automated appraisal workflow management system for the global appraisal market, with significant market share in the U.S. and Canada. This highly strategic Acquisition accelerates the development of Voxtur’s data ingestion engine allowing customers to achieve optimal efficiency and cost-savings. “Bringing Anow into the Voxtur family is just another example of how the necessary uberization of professional services across the lending life cycle is empowering professionals to do their job, better, faster and cheaper,” said Chairman and CEO Gary Yeoman.
The Anow platform is the only digitized appraisal records platform in North America that allows appraisers to sync their workflow directly to the lender, creating a more streamlined, customized process. Anow has reduced appraisal turnaround times by more than 25% by putting the entire business into one interface.
“We are excited about joining forces with the Voxtur brand,” said Anow President Marty Haldane. “The Anow technology streamlines the appraisal process and has broad applicability to the workflow technology across all the Voxtur business segments.” Marty further stated, “We have tremendous respect for Gary and the business he has built. Gary’s strong reputation and knowledge of the appraisal space was a significant factor in our decision to join his team, and together we will continue to build a leading technology platform that puts our clients first.”
Voxtur is transforming the lending lifecycle by offering targeted data analytics to simplify tax solutions, property valuations and settlement services for investors, lenders, government agencies and servicers. With its proprietary data hub and workflow platforms, Voxtur can more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments.
“Anow fits right in line with the Voxtur portfolio of solutions for the real estate value chain,” said President Jim Albertelli. “Thisdigital innovation merger with Anow will seamlessly connect the dots resulting in a more efficient appraisal process.”
Haldane will continue to lead the Anow team and will join the Voxtur Board of Directors following the closing of the Acquisition. Terms of the acquisition were not disclosed.
Fasken Martineau DuMoulin LLP acted as legal counsel to Voxtur on the transaction. Raymond James Ltd. acted as exclusive financial advisor and Dentons Canada LLP acted as legal counsel to Anow on the transaction.
Completion of the transaction contemplated by the SPA is subject to a number of conditions. Such conditions include the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”).
Neither the TSXVenture 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 news release.
| Unaudited | Audited | |||
|---|---|---|---|---|
| Three months ended December 31 | Year ended December 31 | |||
| (In thousands of Canadian dollars) | 2020 | 2019 | 2020 | 2019 |
| Revenue | 5,982 | 4,978 | 20,511 | 14,934 |
| Adjusted EBITDA, Unaudited1 | 506 | (641) | (1031) | 98 |
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.
About Anow
Anow is an appraisal management software that simplifies the way real estate appraisers manage their businesses. Launched in 2011 by multi-generational appraisal professional Marty Haldane, Anow streamlines a wide range of everyday appraisal processes while offering unmatched business insights to help appraisers compete in today’s digital environment. Powerful order tracking, job assignment, collaboration, scheduling tools, and mobile apps allow appraisers and administrative staff to save time, assign appraisals more easily and deliver exceptional service to clients and mortgage lenders from any webenabled device. Advanced reporting enables business owners to manage fee competition and turn times with ease.
Forward-Looking Information
Forward Looking Information: This news release contains forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may not be realized. These statements relate to future events or future performance and reflect management’s current expectations and assumptions which are based on information currently available to management. There is significant risk that forward-looking statements will not prove to be accurate. A number of factors could cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements discussed in the forward-looking statements. The inclusion of forward-looking statements and information should not be regarded as a representation of Voxtur or any other person that the anticipated results will be achieved, and investors are cautioned not to place undue reliance on such information.
These forward-looking statements are made as of the date of this news release and, accordingly, are subject to change after such date. Voxtur 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.
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.