Urbanimmersive closed the acquisition of all the outstanding shares of the real-estate photography agency Agence Immophoto Inc. for a total purchase price of $500,000. of which $300,000 payable immediately, $100,000 payable by the immediate issuance of 103,093 shares of the company stock at a price of $0.97 per share, and $100,000 payable in shares 12 months following closing.
This new acquisition allows the company to pursue its growth plan announced in June 2021 and follows the recent integration successes of the real estate photography service businesses EGP Technovirtuel, La Clique Mobile, and Graphique ID acquired in June 2021.
Immophoto, a client of Urbanimmersive, is in the Quebec market for high-end real estate photography services, which complements the company’s real estate photography service offer in Quebec. Immophoto is a growing and profitable business that generated revenues of $518,000 for its last fiscal year has a diversified clientele mainly in the greater Montreal area.
“Over the past few months, we are proud to have been able to successfully integrate our first acquisitions of real estate photography agencies,” said Ghislain Lemire, president, and CEO of Urbanimmersive.” This success can be measured first of all by the rapid adoption of our monthly subscription packages offered at a competitive price and which include photography services, property websites, 3D tours with floor plans, and a basic version of UiMeet3D. We also benefited from the onboarding of large new customers interested in our packages and all this while maintaining our operating margins and increasing our recurring revenues. As a result, the timing couldn’t be better to add Immophoto and its experienced team to our Group, which represents a strategic and complementary addition to the Group and which was able to brilliantly meet the challenge of growing the business in an unfavorable real estate market.”
The company also completed the acquisition of all intangible assets of the Mexican photography service business Tours Virtuales for a total purchase price of $22,000, including $7,000 payable in cash immediately and $15,000 payable by the immediate issuance of 15,464 shares of the company at a price of $0.97 per share.