Vancouver, British Columbia-based programmatic advertising technology company Good Life Networks Inc. completed its $4.5 million acquisition of connected TV advertising technology company Impression X and $15 million purchase of advertising and content marketing company 495 Communications LLC.
Under the terms of the definitive agreement, Good Life Networks, or GLN, will pay Impression X's shareholders $500,000 in cash and $400,000 in common share purchase warrants of GLN. The agreement also includes a performance earnout of up to $1.0 million in cash based on agreed-upon milestones as well as a performance earnout of up to $2.6 million in warrants.
"This acquisition gives us more revenue horsepower during the biggest quarter of the year in the advertising industry and a great start to 2019," Good Life Networks CEO Jesse Dylan said in a Dec. 18 release.
Under the terms of the 495 Communications acquisition deal, GLN will pay $3.5 million in cash, up to $5.5 million in a cash earnout for hitting performance benchmarks and an additional share/cast earnout of not more than $6 million to be satisfied at the sole discretion of GLN, in cash or through the issuance of common shares, for hitting performance benchmarks.
"These acquisitions will be immediately accretive to revenue," Dylan added in a separate release.