Mr. Gary Yeoman reports
ILA ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2019
iLookabout Corp.'s unaudited condensed interim consolidated financial statements for the three and nine months ended Sept. 30, 2019, and 2018, and the related management's discussion and analysis, are available at SEDAR and on the company's website. Shareholders may request a hard copy of this material by directing their request to: iLookabout, office of the chief financial officer, 408-383 Richmond St., London, Ont., N6A 3C4.
iLookabout reported that during the quarter the company closed its acquisition of Clarocity Inc. and its wholly owned subsidiaries. Historically, the substandard performance of Clarocity was attributable to a weak financial position due to the significant debt burden inherited from its parent company. iLookabout has made a significant investment in the reduction of the financial obligations of Clarocity. As a result we are seeing an increase in Clarocity's business, both with current and new clients, as concerns regarding the viability of the company are alleviated. In addition to growing its revenue base, Clarocity has recently launched its proprietary FusionOMS valuation platform for licensing to enterprises.
"We are pleased with our significant revenue growth and early signs of success from our acquisition of Clarocity. The addition of Clarocity to our platform has given us a material presence within the U.S. real estate market, which also includes adding prominent clients," said Gary Yeoman, chair and chief executive officer of iLookabout. "We are in the early days of the integration process, but are confident that in the near term we will begin realizing the benefit of acquisition synergies from a product and talent standpoint, which will result in contribution to future adjusted EBITDA and value to our shareholders."
The company's property tax division continues to see steady organic growth as it implements its U.S. expansion strategy. It is a critical component in allowing the Company to execute on its overall growth strategy.
HIGHLIGHTS OF FINANCIAL RESULTS
Three months ended Sept. 30, Nine months ended Sept. 30,
2019 2018 2019 2018
Revenue $4,811 $2,226 $9,956 $6,941
Adjusted EBITDA 143 171 877 722
About iLookabout Corp.
iLookabout is a transformational data analytics organization that provides transparency to the valuation of real estate assets.
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