- Software company iLOOKABOUT (ILA) has completed the transaction to acquire all assets of Starcap Marketing, otherwise known as Apex Software
- Earlier this week, the company conducted a C$7.9 million private placement to help fund the acquisition’s cash consideration
- iLOOKABOUT has also expanded its existing credit facilities with Bank of Montreal’s Technology & Innovation Banking Group
- The expansion from the BMO credit facility has provided the company with an additional $4 million, across two term loans
- iLOOKABOUT (ILA) is up 5.77 per cent and is currently trading for $0.28 per share
Software company iLOOKABOUT (ILA) has completed the transaction to acquire all assets of Starcap Marketing, otherwise known as Apex Software.
Earlier this week, the company conducted a C$7.9 million private placement to help fund the acquisition’s cash consideration.
In conjunction with the transaction, iLOOKABOUT has also expanded its existing credit facilities with Bank of Montreal’s Technology & Innovation Banking Group. BMO Capital Partners just so happens to have been one of the participants in this week’s private placement.
The expansion from the BMO credit facility has provided iLOOKABOUT with an additional $4 million, which the company has drawn on closing. The term loans consist of two components, called Term Loan A and Term Loan B.
iLOOKABOUT has drawn $2 million from Term Loan A, and another $2 million from Term Loan B.
With regards to Term Loan A, the company will pay interest only for the first six months of the term. After that, interest and principal will amortise over 18 months, at a rate of 25 per cent per annum. The company may repay the balance of Term Loan A in whole or in part at any time after 24 months from the closing date.
With regards to Term Loan B, iLOOKABOUT will pay interest only for the first twelve months of the term. After, the company will pay interest and principal repayments based on amortisation over four years.
iLOOKABOUT’s Chair and CEO, Gary Yeoman, commented on the expansion of the company’s existing credit facilities.
“We are grateful for BMO’s investment and overall support, which allows us to continue to implement our strategy and achieve our vision of being a leader within the real estate technology industry.
“This also gives us an opportunity to execute on our various growth initiatives both organically and inorganically.
“We greatly value this collaborative relationship, which will allow ILA to expand our market share within the industry,” he said.
iLOOKABOUT (ILA) is up 5.77 per cent and is trading for $0.28 per share, as of 2:43pm EDT.
