Singlepoint Inc (OTCMKTS:SING) has announced that it will acquire Text2Bid for $1.25 million. According to a report, the acquisition agreement that was put forth by Singlepoint has been approved by Text2Bid. If things fall in line, it will be executed on September 14, 2015.
To fulfill the terms and conditions, Singlepoint Chief Executive Greg Lambrecht will leave for Seattle, WA and fulfill all the formalities to make Text2Bid as Singlepoint’s wholly owned subsidiary.
A Strategic Move By Singlepoint
With this acquisition, Singlepoint will get access to Text2Bid’s world class payment and mobile solutions. Text2Bid is the largest entity in the world when it comes to mobile auction technology. As of now, Text2Bid manages to operate over 400 auctions a year and generate about $10 million for its users. It’s been making a profit year after year, which is something every player in the industry can look up to. With this acquisition deal, all the payments collected by Text2Bid will start transacting through the mobile payment solution of Singlepoint.
Out of total $1.25 million payment, Singlepoint looks forward to raising $625K through various accountable initiatives. This money is to be paid in full cash. The remaining $625K will be paid in the form of common stock of Singlepoint.
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