Business
Everyday People Financial Signs Share Purchase Agreement to Acquire Pastdue Credit Solutions Limited
Everyday People continues to grow its revenue cycle management services to drive future profitabi...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Signs Share Purchase Agreement to Acquire Pastdue Credit Solutions LimitedEveryday People continues to grow its revenue cycle management services to drive future profitabilityEdmonton, Alberta--(Newsfile Corp. - July 20, 2023) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a Canadian-based financial services company, is pleased to announce that its wholly-owned subsidiary, BPO Collections Limited (\"BPO\"), has entered, on July 19, 2023, into a share purchase agreement (the \"Purchase Agreement\") with the shareholders (the \"Shareholders\") of Pastdue Credit Solutions Limited (\"PDC\") to acquire (the \"Acquisition\") 100% of the issued and outstanding shares in the capital of PDC (the \"PDC Shares\").PDC was founded in 2005 and is a market leader in revenue cycle management in the United Kingdom (\"UK\"). PDC provides collection and reconnection services to UK market leading companies, including energy, water, telecoms, and financial service providers, as well as providing services to government departments and other organizations, making it one of the fastest growing revenue cycle management companies in the UK. As an innovator of technology, PDC launched a new product called Digital Affordability Assessment Solution (\"DAAS\") in August 2022. This system automates engagement with customers using artificial intelligence, assesses their affordability using tools such as open banking and provides a suitable outcome which includes an affordable payment plan.\"We are very excited about acquiring PDC and their innovative DAAS technology, which will have a positive impact on our Company's future revenue growth and profitability,\" said Barret Reykdal, CEO of Everyday People. \"This acquisition exemplifies our commitment to support our new strategic direction for our Company by focusing on expanding our revenue cycle management division and generating shareholder value.\" Details of the AcquisitionPursuant to the terms of the Purchase Agreement (based on the Bank of Canada rate on July 19, 2023 GBP=CAD$1.7001), BPO will acquire the PDC Shares in exchange for: (i) an aggregate cash payment by BPO to the Shareholders on the closing date of the Acquisition (the \"Closing Date\") of C$18.7 million subject to adjustment in accordance with the terms of the Purchase Agreeme...