- Software developer iLOOKABOUT (ILA) has signed a binding letter of intent with real estate legal firm James E Albertelli (JEA)
- Consequently, iLOOKABOUT will acquire 100 per cent of Voxtur Technologies, all membership interests in Brightline Title, and certain JEA assets
- JEA’s equity owners will receive approximately 161.9 million iLOOKABOUT shares and roughly C$24.43 million as consideration for the acquisitions
- Once the transaction is complete, iLOOKABOUT expects that it will change its name to Voxtur Technologies
- iLOOKABOUT (ILA) last traded on October 29, for 45 cents per share
Software developer iLOOKABOUT (ILA) has signed a binding letter of intent with real estate legal firm James E Albertelli (JEA).
The agreement is for the proposed acquisition of various assets from three corporations within the real estate industry.
First, iLOOKABOUT has agreed to acquire 100 per cent of issued and outstanding stock of Delaware-based real estate technology company, Voxtur Technologies.
The company has also agreed to acquire 100 per cent of the membership interests of Florida-based real estate transactions company, Brightline Title. Finally, iLOOKABOUT has agreed to acquire certain technologies and non-legal assets from JEA.
The company believes that these various acquisitions will serve to help it grow its product offering, client base, and financial perspective.
In exchange for the shares in Voxtur Technologies and memberships interests in Brightline Title, iLOOKABOUT will issue approximately 161,698,000 common shares to JEA’s two equity owners.
The company will also make a cash payment of US$18.43 million (approximately C$24.43 million) to the owners, for certain technology assets and trade secrets from JEA.
Once the transaction is complete, iLOOKABOUT expects that it will change its name to Voxtur Technologies. James Albertelli, an owner of JEA, will become CEO of the company’s US subsidiary, and President of iLOOKABOUT overall.
iLOOKABOUT’s CEO, Gary Yeoman, called the transaction a transformational acquisition opportunity.
“The acquisition will bolster our client base, add to our product base, and be synergistic to our technology platforms.
“Our platforms are complementary, and we have a shared vision to disrupt the real estate lending industry by automating and simplifying an archaic and overly complex process to valuing real estate.
“Not only will this have a significant positive impact on ILA’s financial profile, but will greatly add to the talent pool due to the deep and long tenue JEA and its team has within the US lending industry,” he said.
iLOOKABOUT (ILA) last traded on October 29, for $0.45 per share.
