NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) announced in a news release it signed a letter of intent to acquire for $1.85 million an e-commerce business that yielded $2.2 million in revenue and $600,000 in EBITDA in 2018.
The deal is set to close after NexTech finishes conducting due diligence, in about three weeks. Should the transaction go through, it would make this the third closed acquisition for the company this year and "would push our e-commerce division toward a projected $5 million in consolidated revenue and $1 million in EBITDA for 2019," NexTech CEO Evan Gappelberg said in the release.
Once the acquisition is finalized, NexTech intends to speed up the launch of existing and new augmented reality and artificial intelligence technologies, analyze the data collected from the site and integrate various AR and AI features into the online platform, ultimately creating an online technology-driven showcase for consumers and prospects.
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