Montreal-based real-estate imaging company Urbanimmersive Inc. announce the final purchase agreement for the acquisition of all the interests of the real estate photography agency, HOMEVISIT, LLC from CORELOGIC SOLUTIONS, LLC for a total purchase price of $CAD 9 million paid through the issuance of company’s common shares equal to 19.9% of the shares outstanding and through the issuance of a 5-year Secured Promissory Note for the balance of the purchase price, bearing interest at 7.50% per annum and capitalized to the Note. Working capital of $US 1.2 million will have to be delivered by HomeVisit at closing.
HomeVisit is a provider of visual content marketing-focused real estate solutions, including property listing photography, videography, 3D tours, drone imagery, printing services, and other related services. HomeVisit generated revenues of $US 7.83 million (~ $CAD 9.8 million) for its last unaudited fiscal year ended Dec. 31, 2021.
The acquisition of HomeVisit will be the most important acquisition made by Urbanimmersive since its inception in 2007, the company said. The company added this is setting the table for significant growth and cross-selling opportunities with CoreLogic Group.
HomeVisit was acquired by Corelogic in 2019. CoreLogic is a leading global property information, analytics, and data-enabled solutions provider, headquartered in Irvine, Calif., operating in North America, Western Europe, and Asia Pacific, covering markets such as real estate and mortgage finance, insurance, capital markets and public sectors.
Like all previous Urbanimmersive acquisitions, the HomeVisit brand will remain in the forefront for customers. All day-to-day operations of HomeVisit will be integrated into Urbanimmersive’s Photography Enterprise Resource Planning application in the upcoming months. Once completed, HomeVisit’s customers will benefit from UI’s online ordering system offering Guaranteed Hours Booking experience, easy-to-order 3D marketing packages and UiMeet3D video conferencing Prime Subscriptions.
“We are excited to welcome HomeVisit, a well-established and respected brand in the industry to Urbanimmersive’s portfolio of brands today,” stated Ghislain Lemire, President and CEO of Urbanimmersive. “While this represents a significant acquisition that is expected to double the revenues of the Urbanimmersive Group and makes us a clear leader as a tech-powered real estate photography service business in North America, we are proud of having reached with CoreLogic a transaction which will enable us to not use our working capital in short and mid-term, giving us the necessary leeway to build value for our investors. We are also happy and feel privileged to welcome CoreLogic as a strategic partner and shareholder of Urbanimmersive.”