TORONTO, Feb. 02, 2023 (GLOBE NEWSWIRE) -- NowVertical Group Inc. (TSXV: NOW) (" NOW " or the "Company "), the VI software and solutions company, is pleased to announce that it has completed its previously announced acquisition of Group Analytics 10 and Inteligencia de Negocios and its affiliate entities (collectively, “ A10 Group ”).

“With the completion of the acquisition today NOW has significantly expanded its operations in the LATAM market in Brazil, Chile and Mexico," said Daren Trousdell, Chairman & CEO of NOW. “We see an exceptional future and accelerated growth ahead for NOW in one of the world’s most exciting big data and analytics markets. The Acquisition is expected to increase NOW’s annual revenues by approximately US$23.5 million and Adjusted EBITDA by approximately US$2.5 million (unaudited), pre-synergies.”

A10 Group Closing:

Under the terms of the definitive purchase agreement dated December 21, 2022, the Company has completed the Acquisition for consideration payable as follows: (i) a closing cash payment of US$4.95 million, subject to holdbacks, (ii) $550,000 settled by way of an issuance of subordinate voting shares in the capital of NOW (“ NOW Shares ” each a “ NOW Share ”) at a deemed price equal to the greater of NOW’s 20-day VWAP on closing and US$1.00 per NOW Share, subject to customary lock-ups, and (iii) earn-out consideration paid over four fiscal years based on certain Adjusted EBITDA targets. The Acquisition is an arm’s length transaction and no finder’s fees were paid by NOW in connection with the Acquisition.

About NowVertical Group Inc.

NOW is the VI software and solutions company growing organically and through acquisition. NOW's VI solutions are organized by industry vertical and are built upon a foundational set of data technologies that fuse, secure, and mobilize data in a transformative and compliant way. The NOW product suite enables the creation of high-value VI solutions that are predictive in nature and drive automation specific to each high-value industry vertical. For more information about the Company, visit www.nowvertical.com .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.