- Xigem Technologies (XIGM) will acquire automotive shopping and delivery platform, EAFdigital
- The platform generated net profits of $0.5 million from December 1, 2021, to September 30, 2022
- The stock-based transaction is expected to close in January 2023
- Xigem is a technology provider for the emerging near trillion-dollar remote economy
- Xigem Technologies (XIGM) opened with a gain of 71.43 per cent, trading at $0.12 per share
Xigem Technologies (XIGM) will acquire automotive shopping and delivery platform EAFdigital.
EAFdigital is a fintech-focused, AI-based platform offering agency marketing, lead generation, information architecture and mining, and content creation and design.
It currently operates within an automotive sales, leasing, servicing, finance and warranty provider known as the EAF (Echo Auto Finance) Group of Companies.
Based on unaudited interim financial results, EAFdigital accounted for 50 per cent of revenues of the corporate group of $12 million from December 1, 2021, to September 30, 2022, as well as net profits of $0.5 million.
Pursuant to the binding letter of intent, EAFdigital will become a wholly-owned Xigem subsidiary and will continue supporting the EAF Group for at least 10 years.
The stock-based transaction is expected to close in January 2023.
“The acquisition of EAFdigital could allow us to leverage new markets while adding accretive income, positioning Xigem to further support the best interests of its shareholders,” stated Brian Kalish, Xigem’s Co-Founder and CEO.
“Like most other sectors, the automotive industry has seen a significant portion of consumer activity shift to online and remote channels,” he added. “The EAFdigital team has in a short period of time built a unique, proprietary and profitable technology that captures, converts and guides consumers through the entire purchasing process.”
Xigem is a technology provider for the emerging near trillion-dollar remote economy. Its software aims to improve capacity and productivity for businesses, consumers and other organizations.
Xigem Technologies (XIGM) opened with a gain of 71.43 per cent, trading at $0.12 per share.
