- Internet and media services company, GOLO Mobile (GOLO) has completed its acquisition of technology company, Walter Innovations
- The transaction cost C$6 million, and consisted of $300,000 cash, approximately 18.2 million GOLO shares, and a price protection provision
- GOLO will incorporate Walter’s real estate app into the company’s own product offerings in the multi-residential market
- As part of the integration, Walter’s co-founder Thierry Skoda will join GOLO as the company’s new Chief Technology Officer
- GOLO Mobile (GOLO) is up 1.67 per cent and is currently trading at 30 cents per share
Internet and media services company, GOLO Mobile (GOLO) has completed its acquisition of technology company, Walter Innovations.
Walter is a Montreal-based company which has developed an app which connects property managers with residents of condominiums and apartments. The app includes a virtual buy-and-sell platform, an instant messaging service, and provide important property information.
Walter Innovations also provides a concierge service similar to GOLO’s, an indication of the synergy between the two companies.
GOLO acquired all of Walter’s issued and outstanding shares, for an aggregate purchase price of C$6 million. This consisted of $300,000 in cash, 18.25 million issued GOLO shares at 31.23 cents each, and a price protection provision.
GOLO intends to incorporate Walter’s real estate app into the company’s own product offerings in the multi-residential market. As part of the integration, Walter’s co-founder, Thierry Skoda, will join GOLO as the company’s new Chief Technology Officer.
GOLO Mobile’s CEO, Peter Mazoff, said the acquisition would allow the company to service the full spectrum of high-population density areas.
“Walter is the perfect addition to our business because it provides us with an immediate presence in the multi-residential real estate market, and enhances our product offering to existing customers.
“We have made significant progress partnering with leading firms, such as JLL Canada, to expand our commercial real estate product offering. We will continue to make inroads in the multi-residential real estate market through Walter’s established reputation and widespread usage of its smart building technology.
“This acquisition is also timely amidst COVID-19, since property managers are increasingly looking for ways to enhance safety and minimise the congestion of buildings, and our combined entity will help address both of these issues,” he said.
GOLO Mobile (GOLO) is up 1.67 per cent and is trading at 30 cents per share at 11:51am EDT.