NowVertical Group Reaches Definitive Agreement to Acquire DocAuthority and Launches NowPrivacy
The proposed acquisition of DocAuthority will increase the profitability of the NowVertical platform and further enhance the company’s technology product offering.
TORONTO, August 24, 2021 / CNW / – NowVertical Group Inc. (TSXV: NOW) (“NOW“or the “Society“), 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. (“Doc Authority“), an Israel-based data governance software as a service (SAAS) platform that helps businesses organize, manage and protect their data, saving money and reducing risk (the”Transaction“).
DocAuthority was founded in 2013 and has over 50 global corporate clients who use the platform to organize and manage their structured and unstructured data assets. DocAuthority users can automatically catalog their data and documents to define what assets they have, what those assets contain, where they reside and who has access to them, allowing customers to focus on using their data. Customers using DocAuthority today dramatically reduce risk and cost by addressing the broadest possible range of data governance use cases so that a single tool can meet the majority of business needs.
âDocAuthority is a critical enterprise data governance platform designed for business and technical users. The company has an incredible group of global corporate clients, including the First National Bank of South Africa, Caesars Entertainment, SAGA United Kingdom and WH Smith, as well as strategic value-added reseller relationships with leaders like Solid8 and Altron Group, âsaid Daren Trousdell, Chairman and CEO of NOW.
Launch of NowPrivacy
NOW plans to integrate DocAuthority into NOW Privacy, a suite of technologies providing enhanced privacy solutions. NOW Privacy encompasses part of the new NOW Analytics Toolkit, which includes NOW Fusion, the company’s existing data fusion platform, and NOW DataBench, a data science workshop platform for analysts and data scientists.
After the Transaction closes, NOW Privacy will become the digital rights management layer for organizations and users for their digital assets. The platform has a strong governance, compliance and access control capability that can be applied to a variety of use cases including insider threats, data management, privacy compliance and the governance.
âThe DocAuthority team is very excited to join the NOW platform and bring our essential software to a wider audience, expand NOW’s operations to UKMEA, grow our existing customer relationships and to attract new global opportunities âdeclared Colin woodland, Chief Revenue Officer of NOW Privacy and former Chief Revenue Officer of DocAuthority.
Under the terms of a signed asset purchase agreement August 24, 2021, the consideration for the purchase price in connection with the Transaction will include (i) an aggregate cash payment of $ 316,376.48 and (ii) the issuance of 40,000 subordinate voting shares of the Company (the âsharesActions NOW“). The NOW Shares were listed on CA $ 10.26 per share, which is the equivalent in Canadian dollars of $ 1.00 per share.
Closing of the transaction is subject to customary closing conditions, including receipt of approval from the TSX Venture Exchange for the transaction and the issuance of 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 customers better understand, manage and use their data. NOW is focused on ramping up its current efforts in the global automotive and government verticals, and pursues an acquisition strategy focused on profitable and accretive data analytics services and software companies in d ‘other underutilized data-rich sectors. NOW is positioned to be an invaluable tool for executives and bureaucrats to make informed decisions with data affecting billions of people around the world. For more information about the Company, visit www.nowvertical.com.
This press release may contain forward-looking statements (within the meaning of applicable securities laws) that reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “plan”, “will”, “may”, ” estimate âand 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 contained in this press release are based on certain assumptions. 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. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether at following new information, future events or the like.
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.
SOURCE NowVertical Group Inc.
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