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Voxtur (TSXV:VXTR) acquires Blue Water and expands credit facilities and announces $4M private placement

Real Estate, Technology
TSXV:VXTR
22 September 2022 08:45 (EDT)

Source: Voxtur Analytics.

Voxtur Analytics Corp. (VXTR) has acquired Blue Water Financial Technologies Holding Company.

“By fusing Blue Water’s digital asset capabilities with Voxtur’s data repository and analytic solutions, we are creating a powerful and sophisticated new platform to streamline mortgage trading,” stated Voxtur CEO Jim Albertelli.

“This acquisition allows Voxtur to diversify and expand existing revenue streams from the primary mortgage market, while adding new revenue streams in the secondary market,” he added.

Blue Water had approximately US$11.4 million of revenue and US$6.7 million of net income for the fiscal year ending December 31, 2021.

Total consideration for the acquisition was approximately $101 million, made up of a $30 million cash payment and 170 million common shares of the company.

Voxtur will expand its existing credit facilities with the Bank of Montreal’s (BMO) Technology & Innovation Banking Group for an additional amount of $30 million, as previously disclosed in August.

The company plans to use the proceeds of the expanded credit facilities for costs associated with the acquisition.

Furthermore, Voxtur has entered into a subscription agreement with BMO Capital Partners (BMOCP).

Under the terms of the subscription agreement, Voxtur will issue, on a private-placement basis, 4,081,632 Series 2 preference shares to BMOCP at an offering price of C$0.98 per preferred share for aggregate gross proceeds of C$4 million.

The preferred shares will not be listed on any exchange and will be subject to certain contractual and legal limitations.

Each preferred share will, subject to customary anti-dilution adjustments, be convertible into one common share at the option of BMOC.

The company intends to use the net proceeds of the private placement to fund general corporate and administrative expenses.

Blue Water is a provider of asset valuation, MSR distribution, MSR hedging, and digital solutions to MSR investors and mortgage lenders.

Voxtur is a real estate technology company offering targeted data analytics to simplify tax solutions, property valuation, and settlement services throughout the lending life cycle for investors, lenders, government agencies, and services

Voxtur Analytics Corp. opened trading at $0.51 per share.


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