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INTOUCH INSIGHT SIGNS A LETTER OF INTENT TO ACQUIRE A CUSTOMER EXPERIENCE MEASUREMENT COMPANY
INTOUCH INSIGHT SIGNS A LETTER OF INTENT TO ACQUIRE A CUSTOMER EXPERIENCE MEASUREMENT COMPANY ...
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n \n \n \n INTOUCH INSIGHT SIGNS A LETTER OF INTENT TO ACQUIRE A CUSTOMER EXPERIENCE MEASUREMENT COMPANY\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n OTTAWA, ON\n \n \n ,\n \n \n June 6, 2023\n \n \n /CNW/ - Intouch Insight Ltd. (\"Intouch\" or the \"Company\") (TSXV: INX) (OTCQX: INXSF) announces that on\n \n June 2\n \n \n nd\n \n it signed a non-binding Letter of Intent (\"LOI\") to purchase all outstanding shares of an arm's length North American customer experience measurement company (the \"Vendor\"), subject to TSX Venture Exchange approval (the \"Acquisition\").  For reasons of competition and privacy Intouch will not disclose the name of the Vendor until the completion of a definitive agreement.  The targeted closing date is\n \n September 1, 2023\n \n . The Vendor has approximately USD\n \n $5M\n \n in annual revenues and EBITDA of approximately 15%.\n \n \n It is expected as set out in the LOI that the purchase price is USD\n \n $1.5M\n \n in cash upon closing, a USD\n \n $500,000\n \n promissory note repayable over three years with interest, and additional contingency payments expected to be approximately USD\n \n $400,000\n \n per year paid in cash based on annual performance for four years post-closing.  Intouch intends to pay for the Acquisition from a combination of bank debt financing and ongoing cash flow generated from the Vendor's ongoing business. Intouch will not assume any long-term debt from the Vendor, nor will it pay any finder's fees.\n \n \n \"The proposed Acquisition is synergistic with our current business. We expect a smooth and efficient integration of the new clients who represent some exciting new brands for Intouch to work with.  This transaction will increase our portfolio of clients to whom we can sell our entire suite of products, including our SaaS offerings.  The Vendor's business appears to be very well run and a respected organization in the industry. As such, we are looking forward to adding its management team and employee base,\" said\n \n Camero...