The company has made the upfront cash consideration payment of $1.64 million to the vendor and the deferred consideration payment of $250,000 has been transferred to a trust account with the company’s legal advisor pending satisfaction of the performance milestones.
The strategic acquisition of Sell My Shares, the online share trade execution business, has been made to accelerate the commercial development of Drawbridge by facilitating the trading of employee shares, and to grow the existing profitability of the Sell My Shares business itself through digital finance opportunities using new share market technologies.
DigitalX Limited will recognise revenue and cash flows from the acquisition from 1 October 2021 onwards.
DigitalX Limited looks forward to providing further updates regarding Sell My Shares and the acceleration of Drawbridge’s technology products for listed company customers.
DigitalX Limited (ASX: DCC) is a technology and investment company focused on digital asset funds management, digital fintech and regtech products, and blockchain ventures. DigitalX’s product team designs and develops blockchain technology applications for business and enterprise organisations.
Through its asset management division, DigitalX provides low-cost traditional asset management products for qualified investors looking to gain exposure to the growing alternative asset class of digital assets, including Bitcoin.
DigitalX is currently commercialising Drawbridge, the Company’s first regtech solution which is supporting listed companies to better manage their compliance and corporate governance policies. With Drawbridge, companies can manage employee and director share trading approvals in order to safeguard their reputations.
Digitalx Ltd share price
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1 Oct, 4:10 pm GMT+10 ·Disclaimer