Mr. Shafin Tejani reports
VICTORY SQUARE TO ACQUIRE 20% OF MULTAPPLIED NETWORKS SOFTWARE DEFINED WIDE AREA NETWORKING (SD-WAN) BLOCKCHAIN COMPANY
Victory Square Technologies Inc. has signed a letter of intent to acquire 20 per cent of Multapplied Networks Inc. (MNI), an enterprise software-defined wide-area networking (SD-WAN) company. Victory Square will acquire 20 per cent of all issued and outstanding securities in MNI in exchange for cash and other consideration to be determined upon execution of a definitive agreement.
"This acquisition exemplifies Victory Square's mandate to continue investing in companies with game-changing potential that are redefining the industries in which they operate," said Victory Square's chief executive officer, Shafin Diamond Tejani.
"We believe in MNI's vision of a global decentralized Internet and look forward to continuing to find synergies between their networking capabilities and all of our portfolio companies," continued Mr. Tejani. "We are confident that a strategic implementation of blockchain technology into MNI's platform will allow MNI to build upon its impressive global network of service provider clients."
MNI's focus will be to utilize its proprietary software in facilitating a global decentralized Internet. MNI's revenue is on track to exceed $1.2-million in 2017 and the company is projecting revenue in 2018 to exceed $3-million.
"Victory Square has a stellar track record of rapidly growing and scaling businesses into impactful global market leaders," stated Johan Arnet, chief executive officer of Multapplied Networks. "Our vision of enabling a global decentralized private Internet is nearing fruition and we require a dynamic partner with whom to properly grow and deploy this technology. Victory Square is that partner."
MNI is the only white-label platform designed exclusively for service providers to easily deploy SD-WAN solutions for their customers. MNI delivers its technology through a portfolio of global channel partners, including major service partners in North America, Europe, Asia, Africa and Australia. The technology is designed to enable service providers to seamlessly integrate SD-WAN technology into their existing service offerings, while reducing cost, increasing quality of service, and enhancing customizability and performance monitoring.
Victory Square has identified SD-WAN as a disruptive technology in enterprise networking, as evidenced by large acquisitions of other competitors in this space, including a $610-million acquisition of Viptela by Cisco Systems. MNI has a clear go-to-market strategy for a global blockchain-enabled networking economy. In consultation with Victory Square portfolio company Blockchain Assembly, MNI will look to raise additional funds for the development and implementation of its blockchain platform by performing a token generation event. Victory Square is excited to expand its enterprise offerings and looks forward to building upon early success stories like Blockchain Technology Ltd., the first publicly traded blockchain company in Canada.
About Victory Square Technologies Inc.
Victory Square is a venture builder that creates, finances and empowers entrepreneurs predominantly focused on blockchain technology, virtual reality, artificial intelligence, personalized health, gaming and film. As a technology incubator, Victory Square invests in game-changing entrepreneurs who are provided access to education programs, global mentorship networks, distribution partners, creative workspaces, resources and other forms of operational support to help them scale internationally.
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