VANCOUVER: Victory Square Technologies Inc. has signed an agreement to acquire certain intellectual property assets of Aspen Technologies Inc., a technology company focused on building Blockchain and Cybersecurity solutions.
Aspen, is best-known for its work in developing an ecosystem of hardware, software, and networking products to meet increased global consumer demand for new age technology.
Through the Acquisition, the Company has acquired certain key digital assets of Aspen.
This acquisition furthers Victory Square’s commitment to leveraging the latest technology to deliver products and services for an open and more secure internet.
Innovations that change the way the world manages information, analyzes data, purchases and consumes goods, and communicates across the globe.
“These Web 3.0 assets represent a strategic addition to our growing portfolio of next gen internet tech,” said Victory Square Chief Executive Officer Shafin Diamond Tejani.
“Blockchain technology will have an overwhelming effect on the way consumers adopt and use everyday products in the future. Having already developed a suite of ground-breaking software and hardware solutions catering to consumers that will inevitably utilize blockchain products in the future, we saw an immediate opportunity to bring the team and technology in house and assist in scaling their operations to serve a growing demand.”
Following closing of the transaction, Victory Square will launch a new division that focuses on consumer security related products, diversifying the current enterprise database and providing blockchain solutions.
“The last privacy and security wave was driven by business concerns; the next will be driven by consumers. People have become more aware of how open their data really is.
With this strategic acquisition we can service those needs. Aspen has a proven track record and expertise in producing highly secure consumer products, the addition of these technologies accelerates Victory Square’s growth strategy as we equip the company to meet both the enterprise and consumer privacy and decentralization requirements today and in the future,” concluded Tejani.
“As we continue to pursue our vision of leading the next generation of technology entrepreneurs to build world class products, we remain confident in our ability to scale our portfolio companies aggressively and maintain a healthy pipeline of acquisitions with a focus on increasing value for Victory Square shareholders,” added Tejani.
In consideration for the acquisition, Victory Square will issue 4.6 million common shares in the capital of the company at a deemed issue price of $0.80 Canadian per share as well as forgive an aggregate of $1.587 million owed from Aspen to the Company for aggregate transaction consideration of $5.267.
In accordance with the terms of the APA, the Consideration Shares shall be subject to a four months and one day statutory hold period from the date of issuance. Closing of the acquisition is expected to occur on or about February 15, 2021, unless otherwise agreed between the Parties.
Completion of the acquisition will be subject to compliance with applicable laws including policies of the Canadian Securities Exchange as well as satisfactory completion of due diligence by the Company and other customary conditions to closing.
Victory Square has also launched a 12-month online marketing campaign through AGORACOM for the purposes of targeting new potential investors and engaging current shareholders.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth.
Victory Square Technologies to invest in renewable energy company, Stardust Solar