Company signs deal with Canadian-based SaaS company
CoreLogic has agreed to sell its real estate photography agency, HomeVisit, to SaaS company Urbanimmersive for CA$9 million, or around US$6.5 million.
Virginia-based HomeVisit – acquired by Corelogic in 2019 – is a provider of marketing-focused real estate solutions, including property listing photography, videography, 3D tours, drone imagery, printing services and other related services. According to the Press release, the company generated US$7.8 million in revenue in 2021, with assets of US$2 million and liabilities of US$1.7 million.
The total purchase price of CA$9 million will be paid through Urbanimmersive’s common shares, and a five-year secured promissory note with a bearing interest of 7.50% per annum will be issued. HomeVisit will deliver a working capital of US$1.2 million at closing. CoreLogic will also have a right to nominate up to two members to Urbanimmersive’s board of directors.
The acquisition is considered one of the most important and strategic acquisitions made by Urbanimmersive as it will “significantly expand the company’s presence in many regions in the US, brings new product offerings and sets the table for significant growth and cross-selling opportunities with CoreLogic Group.”
“We are excited to welcome HomeVisit, a well-established and respected brand in the industry, to Urbanimmersive’s portfolio of brands today,” said 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.”
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CoreLogic managing director Devi Mateti commented: “I am very pleased, along with our HomeVisit and CoreLogic teams, to partner with Urbanimmersive Group. For us, Urbanimmersive has clearly demonstrated to have robust business solutions to successfully integrate HomeVisit, and add value to our mutual customers’ buying experience while bringing state-of-the-art 3D and floor plan solutions. We could not have found better hands to take care of our HomeVisit customers.”
