“Our first strategic deal of 2022 is tremendously positive as we successfully executed our business plan to pursue strategic, EBITDA-generating acquisitions that strengthen our competitive advantages, allow us to capture market share and create cross-selling opportunities,” Brent Suen Logiq , president and CEO said
Logiq Inc. (NEO:LGIQ.AQN, OTCQX:LGIQ) said it has completed the acquisition of certain assets of Battle Bridge Labs companies, including Section 2383 LLC, a digital brand marketing agency based in Tulsa, Oklahoma, as scheduled, as previously announced on February 17, 2022.
“Our first strategic deal of 2022 is tremendously positive as we successfully executed our business plan to pursue strategic, EBITDA-generating acquisitions that strengthen our competitive advantages, allow us to capture market share and create cross-selling opportunities,” Brent Suen, Logiq said the president and CEO in a statement. “It’s an exemplary model of the types of transactions we’re actively working on for 2022.”
The company noted that Battle Bridge is a leading and fast-growing 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$3.25 million 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 top 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 client and contract lists, trade names and trademarks, marketing resources, proprietary technology 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 stock that is subject to a minimum six-month lock-up with escape gates for one year thereafter. Logiq is also employing numerous key Battle Bridge employees.
“With most small businesses affected by the pandemic, we see many well-managed companies in our fragmented industry with attractive, low valuations whose best option for strong, sustainable growth is simply to gain scale through mergers and acquisitions. Logiq has the experience and vision to synergistically consolidate these undiscovered values,” added Suen.
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