22:29:38 EDT Wed 01 May 2024
Enter Symbol
or Name
USA
CA



Voxtur Analytics Corp
Symbol VXTR
Shares Issued 688,566,623
Close 2023-10-31 C$ 0.10
Market Cap C$ 68,856,662
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Voxtur Analytics sells Voxtur Services for $30M (U.S.)

2023-11-01 14:31 ET - News Release

Mr. Gary Yeoman reports

VOXTUR SOLIDIFIES POSITION AS INDEPENDENT VALUATION TECH PROVIDER WITH DIVESTITURE OF AMC BUSINESS

Voxtur Analytics Corp.'s wholly owned subsidiary, Voxtur Analytics U.S. Corp., has executed a membership interest purchase agreement today in an arm's-length sign and close transaction with Accurate Group Holdings LLC (AGH) and Voxtur Services LLC, whereby the company, through Voxtur U.S., today sold 100 per cent of the outstanding membership interests in Voxtur Services to AGH, for consideration of $30-million (U.S.), with $26-million (U.S.) paid in cash on closing and an additional $4-million (U.S.) in earnout consideration to be paid upon the achievement of certain financial targets as set forth in the agreement. The majority of the proceeds from the transaction will be used to reduce the company's credit facility.

As a result of the transaction, the company has divested of all its holdings in its appraisal management company (AMC) business to streamline its operations and narrow its valuation focus on its technology offerings for the real estate space. Voxtur will continue to provide technology solutions to the valuation industry by way of its Voxtur Anow platform with: Appraisal Direct, its appraisal management rules-based engine that connects lenders directly to valuation professionals; Voxtur Connect, its business management and workflow tool for lenders to manage multiple appraisal management companies; Voxtur Data Collection and Walkthrough application, its Web-based data collection tool, Voxtur ReportsNow, its automated rules-based report builder that assists valuation professionals in generating comprehensive valuation reports; and Apex Sketch, its software application that creates exterior and interior floor plan sketches.

"Exiting the AMC space is a strategic play that enables Voxtur to embrace its position as an independent valuation technology leader in the real estate tech world," said Gary Yeoman, chief executive officer of Voxtur. "We are excited to move forward with a renewed focus on the solutions we can provide the market to create a better, more efficient lending life cycle."

Voxtur is a leading provider of advanced real estate technology solutions. With a mission to streamline and enhance the real estate industry, Voxtur leverages cutting-edge AI (artificial intelligence) and machine-learning technologies to provide innovative software applications and data-driven solutions. Voxtur's comprehensive suite of products includes mortgage asset trading, property valuation solutions, title and settlement services, and property tax solutions, catering to the diverse needs of lenders and professionals in the real estate ecosystem.

This transaction has been conditionally approved by the TSX-V, but is subject to final approval. No finders' fees will be paid with respect to this transaction.

About Voxtur Analytics Corp.

Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending life cycle for investors, lenders, government agencies and servicers. Voxtur's proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios, and evaluate tax assessments. The company serves the property lending and property tax sectors, both public and private, in the United States and Canada.

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