NowVertical Plans To Acquire Analytics Platform Affinio For US$7.3 Million
NowVertical Group Inc. (TSXV: NOW) announced today that it has entered into a definitive agreement to acquire venture capital-backed analytics platform Affinio Inc. The transaction is reported to be for total consideration of US$7.3 million in a cash and stock deal.
Under the terms of the agreement, the big data firm agreed to acquire 100% of Affinio. The acquisition price consists of US$6 million in cash and issuance of NowVertical subordinate voting shares worth US$1.3 million. The number of shares will be calculated based on the Canadian dollar equivalent of US$1.00 per share.
“Affinio’s graph analytics technology was already a game-changer for so many enterprises’ marketing and customer analytics efforts,” said NowVertical CEO Daren Trousdell. “Now that they’ve expanded their capabilities to work directly on top of Snowflake, they’re going to prove yet again to be an industry driver and critical component of every serious marketer’s toolkit.”
By expanding its graph analytics technology to live natively in Snowflake’s data warehouse, Affinio users can work across data sources without having to move their data.
The transaction is expected to close on the week of November 1, 2021, subject to customary closing conditions.
NowVertical Group last traded at $0.95 on the TSX Venture.
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