Business
Pivotree Announces Earnout Payment in Connection with Codifyd Inc. Acquisition
Pivotree Announces Earnout Payment in Connection with Codifyd Inc. Acquisition ...
About this update from Pivotree, Inc.
[{"type":"text","content":"\n \n \n \n Pivotree Announces Earnout Payment in Connection with Codifyd Inc. Acquisition\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 TORONTO\n \n \n ,\n \n \n June 16, 2022\n \n \n /CNW/ - Pivotree Inc. (TSXV: PVT) (\"\n \n Pivotree\n \n \" or the \"\n \n Company\n \n \"), a leading provider of\n \n \n frictionless commerce\n \n \n solutions, announces that Codifyd Inc. (\"Codifyd\") has achieved net revenue targets for fiscal 2021 as previously set out at the time of the acquisition completed in\n \n November 2021\n \n . As such, the former shareholders of Codifyd will be paid contingent consideration of\n \n US$3.3 million\n \n .\n \n \n \n \n \n \n \n \n \n Of the contingent consideration, 80% of the value or\n \n US$2.7 million\n \n , will be paid in cash with an expected payment date by\n \n June 20, 2022\n \n . The remaining value of\n \n US$0.7 million\n \n will be paid through the issuance of 212,659 common shares, at a deemed share price of\n \n $4.04\n \n , being the 90 day VWAP. The issuance of the shares is subject to the approval of the TSX Venture Exchange.  The common shares will be subject to a four month hold period from the date of issuance in accordance with applicable securities laws.\n \n \n Codifyd is the leading end-to-end digital solutions provider, enabling businesses across industries to build and grow digital commerce with a content-first approach through Master Data Management & Product Information Management services, Product Content Management and Digital Commerce solutions. As a digital solutions partner, Codifyd has enabled numerous businesses across industry verticals to ace digital growth.\n \n \n For more information about the Codifyd acquisition, please refer to the definitive agreement\n \n \n announcement\n \n \n and the closing\n \n \n announcement\n \n \n press release dated\n \n November 2, 2021\n \n and\n \n November 11, 2021\n \n respectively.\n \n \n \n About Pivotree\n \n \n \n Pivotree, a leader in frictionless commerce designs, integrates and manages digital...