iLOOKABOUT buys operating assets of Clarocity Corp

Expands Capabilities and Adds Scale to Valuation Solutions throughout North America

• Clarocity is an innovative provider of real estate valuation services through its data and analytics capabilities.
• The combined company creates a fully integrated valuation solution for lending, insurance and public clients.

iLOOKABOUT Corp. announced that, further to the press release issued July 12, 2019 regarding the execution of the definitive agreements for the purchase of certain assets of Clarocity Corporation, including 100% of the issued and outstanding common stock of Clarocity Inc., the acquisition has been completed.

Clarocity provides comprehensive valuation analytical services to a roster of well recognized clients through a national practice operated from its headquarters in California. By combining Clarocity’s innovative real estate valuation software and proven proprietary products with ILA’s property tax analytics software and access to data, ILA will create a powerful solution that will offer clients throughout North America a unique real estate analytics platform.

ʺWith this acquisition ILA will be in a position to deliver a valuable suite of products and services to the real estate sector offering a breadth of insight, understanding and analytics distinctive in today’s marketplace,” said Gary Yeoman, Chief Executive Officer of ILA. ʺIn addition to the near‐term benefits anticipated with the addition of Clarocity’s significant client base and potential for recurring revenue, the transaction is expected to accelerate the evolution of ILA’s valued investments in technology and the accumulation of proprietary industry data into a resilient and dynamic growth platform.”

The acquisition is expected to fast-track ILA’s progression towards its goal of becoming the North American leader in the provisioning of real estate valuation data and analytics solutions, including risk analysis and property tax exposure, by extending ILA’s reach into the U.S. while also bringing Clarocity’s platform to Canada.

“Clarocity is pleased to come together with ILA in a transaction that will offer exciting new value, increased financial bandwidth and confidence to our clients and employees alike,” said Shane Copeland, CEO of Clarocity Inc. “This combination allows us to provide new offerings to our clients while we integrate data, analytics, and market intelligence which will further expand our ability to deliver exceptional products, services and innovations to our clients more accurately, quickly and in a highly efficient way.”

ʺThis is the right transaction at the right time for ILA,” continued Yeoman. “With a clear focus on new growth potential, extracting value‐added synergies and a determined plan in place to allow Clarocity to reach its potential, this acquisition positions ILA for continued success in existing and new ways for the future.”  

Financial Terms

The consideration for the Transaction, is the same as previously described in the press release of ILA dated July 12, 2019.

The Bridge Loan and Promissory Note

ILA has released and extinguished the Bridge Loan and the Promissory Note (as defined in the July 12, 2019 press release).

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

SOURCE iLOOKABOUT Corp.

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