Logiq Inc. (NEO:LGIQ.AQN, OTCQX:LGIQ) said it has completed the acquisition of certain assets of the Battle Bridge Labs companies, including Section 2383 LLC, a Tulsa, Oklahoma-based digital brand marketing agency, on schedule, as previously announced on February 17, 2022.
"Our first strategic deal of 2022 is tremendously positive as we successfully execute on our business plan to pursue strategic and EBITDA-accretive acquisitions that strengthen our competitive advantages, enable us to capture market share and create cross-selling opportunities," Brent Suen, Logiq chairman and CEO said in a statement. "It is an exemplary model of the types of transactions we are actively working on for 2022."
The company noted Battle Bridge is a rapidly growing, leading boutique provider of digital brand marketing services including pay-per-click management, social media marketing, funnel creation and optimization, SEO, web design, and conversion optimization.
READ: Logiq to acquire digital brand marketing agency Battle Bridge Labs LLC in US$3.25M deal
Battle Bridge is a certified partner of Google, Shopify (TSX:SH., NYSE:SHOP), Bing ads, IMA, and has been featured in Forbes, HuffPo, Wix.com and other leading publications.
Logiq said it anticipates booking $3.8 million in Battle Bridge revenue with $1.4 million in EBITDA cash flow over the next 12 months beginning April 1, 2022. Structured as an asset purchase, Logiq purchased certain Battle Bridge assets including customer lists and contracts, trade names and trademarks, marketing resources, proprietary tech and processes, and more for $3.25 million.
The purchase price consisted of $250,000 in cash and the issuance of $3 million in restricted Logiq common shares which are subject to a minimum six-month lockup with leak-out gates for one year thereafter. Logiq is also employing numerous key Battle Bridge employees.
"With most small businesses hit hard by the pandemic, we see many well-managed businesses in our fragmented industry with attractive, low valuations whose best option for strong, sustainable growth is simply to gain scale through M&A. Logiq has the expertise and vision to synergistically consolidate these undiscovered values,” added Suen.
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