Mr. Gary Yeoman reports
ILA BUSINESS UPDATE
iLookabout Corp. has provided a business update, postacquisition of Clarocity Inc. last summer.
In July, 2019, iLookabout acquired Clarocity and its wholly owned subsidiaries, Clarocity Valuation Services LLC and Valuation Vision Inc. Clarocity provides real estate valuation solutions and platform technologies designed to address today's dynamic housing market. Its innovative platform is driving the next generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge, and setting new standards in real estate valuation quality and reliability. Every day, government-sponsored entities, banking and investor clients rely on Clarocity's proprietary solutions to value assets, finance loans and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions.
The financial resources of the company, which have been extended to Clarocity, have enabled the re-establishment of customer and vendor confidence in Clarocity's long-term viability. iLookabout has also completed its reorganization of Clarocity, rightsizing the business and repositioning the management team, allowing it to focus on the business and draw on its long-standing industry relationships. These initiatives have proven highly successful and have resulted in previous clients re-engaging with Clarocity as well as adding six new blue-chip clients in the non-traditional and digital lender space. In addition, iLookabout is proud to announce Clarocity has entered the commercial valuation sector leveraging the extensive experience of Gary Yeoman, chairman and chief executive officer of iLookabout, within this vertical. Given these advancements in the business, Clarocity is on track to double sales year over year.
iLookabout's property tax assessment division, iLookabout, remains strong and is estimated to grow approximately 20 per cent this year. The tax assessment platform is well established in Ontario and iLookabout is now adding on incremental municipalities to its real property tax analytics (RPTA) application. iLookabout has also been expanding licensing of its proprietary GeoViewPort (GVP) tax assessment platform and StreetScape imagery in the United States, recently adding New Orleans and Utah county. Approximately 20 U.S. counties are now using GVP on a daily basis to assist with their property assessment responsibilities. Future growth of iLookabout's revenue is expected to be driven by the launch in Canada and the U.S. of its GVP mobile application.
Corporately in 2019, the company received $1.2-million with respect to its successful application for Ontario Interactive Digital Media Tax credits for prior periods, contributing to iLookabout's sound working-capital position. The company also secured a credit facility with the Bank of Montreal's technology and innovation banking group to provide financing for organic and acquisitive growth opportunities that iLookabout continues to explore as it executes on its growth strategy.
About iLookabout Corp.
iLookabout is a transformational data analytics organization that provides transparency to the valuation of real estate assets. iLookabout is a real estate valuation platform with technologies that leverage the power of data designed to address today's dynamic real estate valuation market.
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