The proposed acquisition of DocAuthority will add further profitability to the NowVertical platform and further enhances the Company's technology product offering
TORONTO, Aug. 24, 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 entered into a definitive agreement to acquire substantially all of the assets of DocAuthority Ltd. ("DocAuthority"), an Israeli-based data governance software-as-a-service (SAAS) platform that helps companies organize, manage and protect their data, saving substantial money and reducing risk (the "Transaction").
DocAuthority was founded in 2013 and has had 50+ global enterprise customers use the platform to organize and manage their structured and unstructured data assets. DocAuthority users can 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 is a mission-critical enterprise data governance platform that is built for both business and technical users. The company has an incredible group of global enterprise customers including the First National Bank of South Africa, Caesars Entertainment, SAGA UK and W.H. Smith, as well as strategic value-added reseller relationships with leaders like Solid8 and Altron Group", said Daren Trousdell, Chairman & CEO of NOW.
Launch of NowPrivacy
NOW plans to integrate DocAuthority into NOW Privacy, a suite of technologies offering enhanced privacy solutions. NOW Privacy encompasses part of the newly formed NOW Analytics Toolkit, which includes NOW Fusion, the Company's existing data fusion platform, and NOW DataBench, a data science workbench platform for analysts and data scientists.
After the closing of the Transaction, NOW Privacy will become the digital rights management layer for organizations and users for their digital assets. The platform has a robust governance, compliance and access control capability that can be applied to a variety of use cases including insider threat, data management, privacy compliance and governance.
"The DocAuthority team is very excited to join the NOW platform and bring our mission-critical software to a wider audience, expanding NOW's operations into the UKMEA, growing our existing customer relationships and attracting new global opportunities" said Colin Woodland, Chief Revenue Officer of NOW Privacy and former Chief Revenue Officer of DocAuthority.
Transaction Details
Pursuant to the terms of an asset purchase agreement signed August 24, 2021, the purchase price consideration in connection with the Transaction will include (i) an aggregate cash payment of US$316,376.48 and (ii) the issuance of 40,000 subordinate voting shares of the Company (the "NOW Shares"). The NOW Shares were priced at C$1.26 per share, being the Canadian dollar equivalent of US$1.00 per share.
Closing of the Transaction is subject to customary closing conditions, including the receipt of TSX Venture Exchange approval for both the Transaction and issuance of the NOW Shares. The Transaction is expected to close on or about September 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 and government 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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