Voxtur Divests AMC Business to Solidify Position as Independent Valuation Tech Provider
Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) has announced the divestiture of its appraisal management company (AMC) business, further establishing itself as an independent valuation technology leader in the real estate tech industry.
The Transaction Details
The divestiture was executed through a membership interest purchase agreement between Voxtur Analytics U.S. Corp. (Voxtur US) and Accurate Group Holdings, LLC (AGH) and Voxtur Services LLC (Voxtur Services). AGH acquired 100% of the outstanding membership interests in Voxtur Services for a consideration of USD$30 million, with USD$26 million paid in cash on closing and an additional USD$4 million in earn-out consideration based on certain financial targets.
Streamlining Operations and Focusing on Technology
By divesting its AMC business, Voxtur aims to streamline its operations and narrow its focus on its technology offerings for the real estate space. The company will continue to provide technology solutions through its Voxtur Anow platform, including Appraisal Direct, Voxtur Connect, Voxtur Data Collection and Walkthrough application, Voxtur ReportsNow, and Apex Sketch.
Voxtur's CEO, Gary Yeoman, expressed excitement about the company's renewed focus on providing solutions that enhance the lending lifecycle and create a more efficient real estate ecosystem.
In conclusion, Voxtur's divestiture of its AMC business solidifies its position as an independent valuation technology provider. The company's strategic move allows it to concentrate on delivering innovative technology solutions for the real estate industry, fostering a more transparent and accessible lending environment.
Hot Take: Voxtur's Divestiture of AMC Business and its Impact on New Businesses
Voxtur Analytics Corp.'s recent decision to divest its appraisal management company (AMC) business signals a significant shift in the real estate tech industry.
Understanding the Divestiture
In a strategic move, Voxtur sold its AMC business to Accurate Group Holdings, LLC for a total consideration of USD$30 million. This allows Voxtur to streamline its operations and focus on its core competency - providing innovative technology solutions for the real estate industry.
Implications for New Businesses
This development presents both opportunities and challenges for new businesses in the real estate tech space. On one hand, Voxtur's exit from the AMC business could create a vacuum that new businesses could potentially fill. On the other hand, Voxtur's renewed focus on technology solutions could intensify competition in this space.
Embracing the Future
Voxtur's CEO, Gary Yeoman, expressed enthusiasm about the company's strategic shift and its potential to enhance the lending lifecycle and create a more efficient real estate ecosystem. This suggests that the future of the real estate industry lies in technology and innovation, a trend that new businesses must embrace to stay competitive.
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