Avante Logixx Inc. announced that it has acquired all of the outstanding shares of Veridin Systems Canada Inc. pursuant to a share purchase agreement dated Sept. 17, 2018 with 1245893 Ontario Inc. and Vision Dynamics CCTV Inc.
By SP&T Staff
Toronto-based Veridin is a 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.
“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, in a statement.
“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 become a national leader in technology enabled security solutions.”
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. According to Avante, as the company “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 12 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 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 Sept. 14, 2018.
Insidus Capital acted as financial advisor for the vendors regarding this transaction.