Quebec’s Urbanimmersive acquires three real estate photography agencies
Urbanimmersive Inc. announced the completion of the acquisition of all of the outstanding shares of real estate photography agencies EGP Technovirtuel Inc. and Graphique ID Solutions Inc. and all of the intangible assets of La Clique Mobile s.e.n.c. for an aggregated purchase price of $3.03M, including $1.77M payable in cash immediately, $100k payable in 100 days and $1.16 million payable through the immediate issuance of 6.6M shares of the company stock at a price of $0.175 per share.
According to the announcement, EGP, La Clique Mobile and Graphique ID are all Urbanimmersive clients with long-standing businesses and solid reputation in both residential and commercial architectural photography services in their respective market. Those photography agencies are profitable, have generated aggregated revenues of $1.6M for their last fiscal year, during a historical low inventory period of homes for sale, and serve together more than 5,000 real estate agents across Canada, the company said in a statement.
With EGP acquisition, Urbanimmersive will also be adding to its technological solutions portfolio a DSLR camera HDR trigger remote app developed and owned by EGP. This propriety capture app enables the standardization of photo-shooting processes and image quality amongst large teams of photographers. The app also connects to photography business solution software for real-time and offline synchronizations of service orders and photographer schedules. EGP app will be offered under Urbanimmersive’s brand and integrated into the company’s business SaaS solution and 3D tour Capture App.
Besides its extended photography service business, EGP also offers through monthly subscriptions customized agent websites generating recurring revenues for which Urbanimmersive intends to integrate and expands with its Tourbuzz property website solution.
Over the years, Graphic ID photography service activities have gradually shifted from residential to commercial photography services which will enable Urbanimmersive direct connections with commercial brokerage agencies where the Company’s 3D tour technology standout with its floor plan large space capabilities. Graphic ID is a Urbanimmersive’s client since 2009. La Clique Mobile offers premium photography services to a large network of real estate customers and Urbanimmersive’ client since 2016.
“Those first three real estate photography agency acquisitions demonstrate our capacity to deliver on our new accelerated growth plan and bringing businesses that are performing well even during low inventory of houses for sale,” said Ghislain Lemire, President and CEO, Urbanimmersive. “They are perfectly positioning us to achieve profitable growth and accelerate adoption of our 3D technology SaaS solutions. We’re also acquiring talented photography business owners and staff that will immediately empower our market expertise, product development and customer experience.”