Avante Logixx has announced the acquisition of all the outstanding shares of Veridin Systems Canada, pursuant to a share purchase agreement dated September 17, 2018 with 1245893 Ontario and Vision Dynamics CCTV.
Avante Logixx has announced the acquisition of all the outstanding shares of Veridin Systems Canada (Veridin) pursuant to a share purchase agreement dated September 17, 2018 (“Agreement”) with 1245893 Ontario (“1245893”) and Vision Dynamics CCTV (“Vision” and together with 1245893, the “Vendors”). Veridin is a highly regarded security systems integrator focused on commercial accounts that provides security systems, access control systems, CCTV systems, video alarm verification and analytics, and alarm monitoring to a nationwide client base and is an excellent strategic fit for Avante.
"I am thrilled to welcome Veridin, its CEO Colin Doe, and his team to the Avante platform. Veridin represents our first true strategic transaction as we leverage our platform to provide exceptional solutions to commercial and national accounts.” said Craig Campbell, CEO of Avante Logixx. “Veridin has a very strong reputation and excellent long-term customer relationships and has realized significant revenue growth as a leading provider to the cannabis sector. We are confident that Veridin will be a great addition to the Avante platform as we continue to execute on our strategic plan to be become a national leader in technology enabled security solutions.”
Veridin is a commercial security systems integrator based in Mississauga, ON, that has a nationwide customer footprint. Veridin’s services include security systems, CCTV systems, video alarm verification and analytics, and alarm monitoring. Avante management expects that the acquisition will have an immediately accretive financial impact and aligns extremely well with Avante renewed strategic vision. Avante plans to leverage the collective networks of both companies to grow business focused on multi-site national accounts. As Avante continues to expand this service offering, Veridin’s access to tightly controlled product lines will be strategically important to our ability to compete for and service enterprise level accounts. Veridin generated approximately $5.0 million of revenue in the past twelve months for the period ended Sept 3, 2018.
Veridin’s CEO, Colin Doe, will remain as President of Veridin. Pursuant to the Agreement, a portion of the purchase price was satisfied by the issuance of 1,190,476 common shares in the capital of the Company (the “Shares”) to 1245893. Such Shares have a deemed value of $500,000 based on the volume-weighted average trading price of the Shares on the TSX Venture Exchange for the 10 trading day period ended September 14, 2018.
Insidus Capital acted as financial advisor for the Vendors regarding this transaction.
The proposed transaction is arm’s length and no advisory fees are payable or to be paid by the Company in connection with the transaction.
Product Adopted:System Service