09:10:56 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



iLookabout Corp
Symbol ILA
Shares Issued 85,651,784
Close 2019-07-17 C$ 0.19
Market Cap C$ 16,273,839
Recent Sedar Documents

iLookabout closes Clarocity asset purchase

2019-07-18 18:44 ET - News Release

Mr. Gary Yeoman reports

ILOOKABOUT ACQUIRES OPERATING ASSETS OF CLAROCITY CORPORATION

Further to the press release issued July 12, 2019, regarding the execution of the definitive agreements for iLookabout Corp.'s purchase of certain assets of Clarocity Corp., including 100 per cent of the issued and outstanding common stock of Clarocity Inc., the acquisition has been completed.

Clarocity provides comprehensive valuation analytical services to a roster of well-recognized clients through a national practice operated from its headquarters in California. By combining Clarocity's innovative real estate valuation software and proven proprietary products with iLookabout's property tax analytics software and access to data, iLookabout will create a powerful solution that will offer clients throughout North America a unique real estate analytics platform.

"With this acquisition, ILA will be in a position to deliver a valuable suite of products and services to the real estate sector, offering a breadth of insight, understanding and analytics distinctive in today's marketplace," said Gary Yeoman, chief executive officer of iLookabout. "In addition to the near-term benefits anticipated with the addition of Clarocity's significant client base and potential for recurring revenue, the transaction is expected to accelerate the evolution of ILA's valued investments in technology and the accumulation of proprietary industry data into a resilient and dynamic growth platform."

The acquisition is expected to fast-track iLookabout's progression toward its goal of becoming the North American leader in the provisioning of real estate valuation data and analytics solutions, including risk analysis and property tax exposure, by extending iLookabout's reach into the United States while also bringing Clarocity's platform to Canada.

"Clarocity is pleased to come together with ILA in a transaction that will offer exciting new value, increased financial bandwidth, and confidence to our clients and employees alike," said Shane Copeland, chief executive officer of Clarocity Inc. "This combination allows us to provide new offerings to our clients while we integrate data, analytics and market intelligence, which will further expand our ability to deliver exceptional products, services and innovations to our clients more accurately, quickly and in a highly efficient way."

"This is the right transaction at the right time for ILA," continued Mr. Yeoman. "With a clear focus on new growth potential, extracting value-added synergies and a determined plan in place to allow Clarocity to reach its potential, this acquisition positions ILA for continued success in existing and new ways for the future."

Financial terms

The consideration for the transaction is the same as previously described in the press release of iLookabout dated July 12, 2019.

The bridge loan and promissory note

iLookabout has released and extinguished the bridge loan and the promissory note (as defined in the July 12, 2019, press release).

About iLookabout Corp.

iLookabout is a software, data analytics, data aggregation and visual intelligence company focused on real property. iLookabout primarily serves the property assessment, property taxation, municipal, insurance and appraisal sectors, both public and private, in North America. iLookabout provides powerful data analytics to the real estate industry through its real property tax analytics software offering. The company's proprietary StreetScape imagery and real-property-focused Web-based application, GeoViewPort, unifies property-related data and enables desktop review of properties.

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