TORONTO, Oct. 1, 2021 /CNW/ - NowVertical Group Inc. (TSXV: NOW) ("NOW" or the "Company"), a global big data software and services company, is pleased to announce that it has closed its previously announced acquisition of substantially all of the assets of DocAuthority Ltd. ("DocAuthority"), an Israeli-based data governance software platform that helps companies organize, manage and protect their data, saving substantial money and reducing risk (the "Transaction").
DocAuthority's global enterprise customers use the platform to automatically catalogue their data and documents to define the assets they have, what such assets contain, where they reside, and who has access to them, allowing customers to focus on doing more with their data. Customers using DocAuthority today are greatly reducing risk and cost by addressing the widest possible scope of data governance use cases so one tool can fulfill the majority of business needs.
"DocAuthority will be a core component of NOW Privacy, bringing unrivaled expertise and a deep bench of top tier clients from around the globe," said Daren Trousdell, CEO and Chairman of NOW. "We couldn't be more excited to incorporate their technology and vision into our expanded offerings as we continue to build out the NowVertical suite of solutions."
In addition to the DocAuthority acquisition, NowVertical is also announcing a new partnership with global distributors Cyber Fusion and Solid8, expanding the company's regional growth in the UK and South Africa. Each new partnership was entered into on September 28, 2021.
"Signing with NOW as their UK Value Added Distributor (VAD) is a very exciting move for Cyber Fusion, one which presents us and our respective reseller partner community with a huge opportunity," commented John Dams, UK Managing Director, Cyber Fusion Distribution. "With the digital economy growing at such a rapid pace, the time is right and the market is ready for this innovative technology that will revolutionize the way organizations develop their data analytics strategy. We're looking forward to working with the hugely experienced team at NOW and being part of this amazing journey."
"We are delighted that we can continue our journey with DocAuthority, which has been strengthened by the acquisition by NOW and as it becomes a core piece of the NOW Privacy platform," said Patrick Devine, Director at Solid8 Distribution. "Our Partners and customers in South Africa will benefit greatly from the deep capabilities of data analytics that this venture brings to bear."
Further Transaction details, including purchase price consideration, can be found in the Company's press release dated August 24, 2021.
About NowVertical Group Inc.
NOW is a global big data software and services company that helps businesses win in the digital economy by helping its clients better understand, manage and utilize their data. NOW is focusing on scaling its current efforts in the global automotive, government, and energy and renewables verticals, and is pursuing an acquisition strategy focused on profitable and accretive data analytics software and services companies in other under-utilized data rich industries. NOW is positioned to be an invaluable tool for executives and bureaucrats to make data informed decisions affecting billions of people globally. For more information about the Company, visit www.nowvertical.com.
Forward–Looking Statements
This news release may contain forward–looking statements (within the meaning of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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.
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