Urbanimmersive acquires Agento, IMOTO and RocketPhoto
Urbanimmersive Inc. announces having completed the acquisition of all the shares outstanding of the real estate photography agency Agento Marketing for a purchase price of $1.2 million, paid through the immediate issuance of 1,518,987 shares of the company at a price of $0.79 per share plus a contingent share payment (earn-outs) totaling up to $600,000 payable in 12 months and conditional on Agento minimum revenue growth and EBITDA margin milestones to be met over the next year.
Agento is a fast-growing and profitable real estate photography service business strategically located in the Gatineau/Ottawa (Canada) region with a diversified customer base serving high-profile real estate brokers, according to Urbanimmersive. Agento annual revenues were $840,000.
“We are proud to having completed the acquisition of Agento, a leading brand in real estate photography within their territories which had experienced significant growth over the last few years and which is driven by three skilled and successful entrepreneurs who will be joining our Group,” said Ghislain Lemire, President and CEO of Urbanimmersive. “This strategic acquisition should also help our UI Signature brand in Ontario to expand its coverage and consolidate further the Ontarian market.”
Earlier this month, Urbanimmersive also announced the completion of the acquisitions of all the units of the real estate photography agency IMOTO LLC and all of the units of Stilio LLC, owner of the real estate marketplace RocketPhoto for a total purchase price of $5.0 million with $1.8 million paid in cash at closing, $297,000 paid through the immediate issuance of 349,828 shares of the company at a price of $0.85 , $2.7 million paid through issuance of 3,157,115 shares of the company at a price of $0.85 per share on Jan. 3rd , 2022, $0.2M as a balance of sale payable upon approval of the closing financial statements, plus contingent share payments (earn-outs) totaling up to $2.3M payable in 3 equal annual payments of up to $771 million each, with payments being conditional on IMOTO minimum revenue growth milestones to be met over the next three years.
Headquartered in New Orleans, IMOTO is one of the top real estate photography service agencies in the U.S. with a presence in 11 US states, a strong coverage in the Southern states and having generated revenues of $US 3.3 million for its last fiscal year, the company said. RocketPhoto is a nationwide real estate photography marketplace platform with more than 450 active photographer profiles representing nearly every state in the United States.