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Eyecarrot awaits TSX Venture Exchange approval to acquire ConnectMe

Author : Saipriya Iyer | Published Date : 2020-02-11 

Eyecarrot Innovations Corp., a hardware- and software-centered platform, has recently entered a share purchase agreement to acquire ConnectMe Solution. The acquisition will be made indirectly by acquiring Call Connect Me Inc. from security holders.

As consideration for the acquisition, a cumulative number of 9,111,111 common shares will be issued by Eyecarrot at a deemed price of $0.45, on a pro rata basis. The shares will be issued to Call Connect Me Inc.’s security holders following the arm’s length transaction, based on the approval of TSX Venture Exchange.

Eyecarrot is currently focusing on expanding its user base in the athletic training, professional sports, and sports medicine verticals. This targeted strategy is expected to allow Eyecarrot to pursue volume driven business sales opportunities.

ConnectMe is a leading Security Technology and SAAS (software-as-a-service) provider founded by Raed Masri, a venture capitalist. The addition of software-based solution portfolio will boost the commercialization of Eyecarrot’s Binovi Platform. The platform integrates hardware, software, data, as well as knowledge and insights of vision care professionals to improve the lives of individuals with various visual impairments apart from acuity loss. Binovi combines vision care practices and performance centers on a common data and technology platform to maintain and build positive unit economics.

According to ConnectMe’s founder Raed Masri, CAC (Customer Acquisition Cost) serves as an important metric to determine company’s profitability while targeting SMEs (small and mid-sized enterprises). He further commented on positive results observed through the ConnectMe Solution’s ability to cost-effectively boost customer acquisitions.

ConnectMe’s SAAS platform has also helped create more a stable and predictable revenue and operational outlook. It increases customer loyalty by delivering various benefits gained from the company’s technology innovations, which further helps them expand to various regions and sectors.

The acquisition is expected to be completed by February 2020, pending regulatory and TSX Venture Exchange approval, as well as acceptance of the other closing conditions.

Source credit:

https://www.streetinsider.com/Globe+Newswire/EYECARROT+INNOVATIONS+CORP+TO+ACQUIRE+CONNECTME+LEAD+MONETIZATION+SAAS/16444933.html

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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