TORONTO, June 16,
2022 /CNW/ - Pivotree Inc. (TSXV: PVT)
("Pivotree" or the "Company"), a leading provider of
frictionless commerce 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
November 2021. As such, the former
shareholders of Codifyd will be paid contingent consideration of
US$3.3 million.
Of the contingent consideration, 80% of the value or
US$2.7 million, will be paid in cash
with an expected payment date by June 20,
2022. The remaining value of US$0.7
million will be paid through the issuance of 212,659 common
shares, at a deemed share price of $4.04, 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.
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.
For more information about the Codifyd acquisition, please refer
to the definitive agreement announcement and the closing
announcement press release dated November 2, 2021 and November 11, 2021 respectively.
About Pivotree
Pivotree, a leader in frictionless commerce designs, integrates
and manages digital platforms in Commerce, Data Management, and
Supply Chain for over 250 major retail and branded
manufacturers globally. Pivotree provides a combination of
application support and managed hosting with digital strategy and
software implementation services. Headquartered in Toronto, Canada with offices and customers in
the Americas, EMEA, and APAC, Pivotree is widely recognized as a
high-growth company and industry leader. For more information,
visit www.pivotree.com
Neither 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 Pivotree Inc.