Urbanimmersive acquires Virtual Access Tours
Quebec-based Urbanimmersive Inc. completed the acquisition of all the limited partnership interests of the New Jersey-based real estate photography agency Virtual Access Tours LP (VAT) for a purchase price of $CAD 961,000 ($449,000 paid in cash and $513,000 paid through the immediate issuance of 585,829 shares of the company at a price of $0.875 per share) plus contingent share payments (earn-outs) totaling up to $US 450,000, with up to $US 225,000 payable in 12 months and up to $US 225,000 payable in 24 months.
This most recent acquisition is the company’s first in the United States. VAT, a client of Urbanimmersive, was founded in 2004 and based in Jackson, N.J. It conducted 2,000 photoshoots a year with revenues from the latest fiscal year of $US 559,000.
“We are proud of having acquired Virtual Access Tours, a long-standing client of Urbanimmersive which is a strong promotor of our 3D marketing solutions, including UiMeet3D, and to welcome Michael and Cathy Basch, former owners of VAT to our team. This strategic acquisition also opens up new growth and cross-selling opportunities in the North-Eastern US territory,” said Ghislain Lemire, President and CEO, Urbanimmersive.
About Virtual Access Tours
Virtual Access Tours, founded in 2004, is a full-service real estate photography service based in the state of New Jersey, having completed over 2,000 photo shoots in the past year. To learn more, visit . virtualaccesstours.com.
About Urbanimmersive
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The Company all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images. The Company operating segments include software (SaaS), 360 camera hardware and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation. For more information, visit urbanimmersive.com.
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