Miivo Holdings Corp (TSX-V:MIVO) said on Tuesday it has completed its acquisition of Tandem Partners, a Dubai-based advisory firm previously contracted to provide CEO and CFO services to the company, in a deal valued at C$1.25 million.
The deal formalizes a relationship that has been central to Miivo's development since the outset, according to Miivo CEO Alexander Damouni.
"Bringing the Tandem team fully in-house strengthens our operational capabilities, expands our geographic footprint, and provides access to established distribution channels, strategic partnerships, and long-standing client relationships that support the continued growth of our AI-powered business solutions,” Damouni told shareholders.
Tandem is owned by Miivo CEO Alexander Damouni and CFO Rabih Brair, along with one non-principal shareholder. The company said no change of control occurred as a result of the transaction, and Tandem is now a wholly-owned subsidiary.
Brair said the deal represents a consolidation of financial, operational, and strategic leadership that is expected to generate efficiencies as Miivo builds out a scalable AI-driven platform for small and medium-sized enterprises.
Miivo noted the period between regulatory acceptance and closing was extended due to geopolitical developments that affected certain administrative, legal, and cross-border processing activities, though the delays were procedural and did not affect the underlying terms of the deal.
Tandem has a track record in strategic planning, financial restructuring, and business transformation for high-growth and SME clients across multiple regions.
Under the terms of the share exchange agreement, Miivo paid $208,333 in cash and issued 694,444 common shares at a deemed price of $0.60 per share at closing. The remaining consideration, comprising an equal cash payment and a further 694,444 shares, is due six months after closing.