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On September 9, 2023, PopReach Corporation acquired 100 percent of the membership interests of Ubiquity Agency LLC, a user acquisition and marketing technology firm based in Boca Raton, Florida. The purchase price for the transaction was approximately C$61.1M (US$44.3M), based on PopReach's common share closing price of C$0.34 and a C$:US$ exchange rate of 1.3116. The aggregate consideration includedC$25.8 (US$18.7M) in cash, the issuance of 41,000,000 PopReach common shares, a convertible debenture of C$18.98M (US$13.75M), and the assumption of C$1.72 (US$1.25M) of Ubiquity's existing liabilities. Ubiquity had reported a financial performance of C$70M (US$51M) in gross revenue, C$6.3M (US$4.6M) in net income, and C$8M (US$5.8M) in Adjusted EBITDA for the 12 months ending June 30, 2022. The acquisition is expected to expand PopReach's offerings in the digital ecosystem and bring synergistic benefits. Ubiquity's data-focused approach integrates with 10,000+ publishers globally, generating over 2 billion data insights. Jon Walsh, CEO of PopReach, expressed that the acquisition aligns with their vision of creating a consolidated suite of products and services to connect businesses to target audiences. Ted Hastings, PopReach's Executive Chairman, emphasized that the structure of this deal reflects the type of transactions they intend to pursue. Founded in 2006, Ubiquity operates multiple digital media businesses and will continue to be managed by its founders, Rob Shaner, Chris Freed, and Jurgen Cautreels.
Parties
Company
PopReach Corporation
Company
Ubiquity Agency LLC
Deal Type
Merger & AcquisitionIndustry
Tech/Computer/ITTransaction
$ 57,500,000Deal Status
ClosedClosing Date
09 September 2022