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. Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. Think Airbnb or Upwork, but specifically for real estate photography ( ). RocketPhoto is a US nationwide real estate photography platform network with > 450 active photographer profiles representing nearly every state in the US.
Founded in 2009, IMOTO has a diversified real estate customer base having realized > 18,000 photoshoots last year with a presence in 11 states ( ). IMOTO is a real estate photo agency business with its head office located in New Orleans, Louisiana (US). The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the adequacy or accuracy of this release. "I am very pleased, along with our IMOTO team, to join Urbanimmersive Group, a worldwide leader in real estate 3D marketing solutions, both as a member of the Management team and as a shareholder, and to have the opportunity to contribute in bringing this new Group to the next level”, said Darryl Glade, President of IMOTO. Those recent acquisitions should consolidate further our leading position in North America as a business with fully-integrated real estate marketing service, accelerate further the adoption of our 3D tours and our subscription packages, add complementary expertise and bring new best practices within the Group”, said Ghislain Lemire, President and CEO of Urbanimmersive. "We are very proud having completed the acquisition of IMOTO and RocketPhoto and welcome their experienced team within the Group. RocketPhoto is a nationwide real estate photography marketplace platform with more than 450 active photographer profiles representing nearly every state in the US. IMOTO is one of the top real estate photography service agencies in the US with a presence in 11 US states, a strong coverage in the Southern states and having generated revenues of $US 3.3m for its last fiscal year.
This major strategic acquisition in the US will significantly expand the Company’s US presence in complementary regions and set the table for significant growth and cross-selling opportunities between IMOTO photo service customers, UI SaaS customers and RocketPhoto marketplace.
All shares issued today and on January 3rd, 2022 are subject to a 6-month minimum holding period.
#Imoto photo plus
(“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce having completed the acquisition of all the units of the real estate photography agency IMOTO LLC (‘IMOTO’) and all of the units of Stilio LLC, owner of the real estate marketplace RocketPhoto for a total purchase price of $5.0M with $1.8M paid in cash at closing, $297k paid through the immediate issuance of 349,828 shares of the Company at a price of $0.85, $2.7M paid through issuance of 3,157,115 shares of the Company at a price of $0.85 per share on January 3 rd, 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 $771k each, with payments being conditional on IMOTO minimum revenue growth milestones to be met over the next three years. 13, 2021 (GLOBE NEWSWIRE) - Urbanimmersive Inc.
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