The OLB Group Inc. agreed to purchase 100% of the equity of Crowd Ignition, a web-based crowdfunding software system, in exchange for 1,318,408 shares of the former's common stock.
Based on OLB Group's Oct. 1 closing stock price, the aggregate purchase price for Crowd Ignition of $5.3 million.
The transaction is expected to close by the end of November.
OLB Group Chairman and CEO Ronny Yakov and John Herzog, a significant shareholder of OLB Group, own 100% of the equity of Crowd Ignition.
Crowd Ignition's software provides broker/dealer, merchant banks and law firms a platform to market crowdfunding offerings, collect payments and issue securities.
