Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a global provider of award-winning consumer acquisition solutions, today announced it has completed the acquisition of certain assets of the Battle Bridge Labs companies, including Section 2383 LLC (collectively, “Battle Bridge”), a Tulsa, Oklahoma-based digital brand marketing agency, on schedule, as previously announced February 17 as a binding LOI.
Battle Bridge is a rapidly growing, leading boutique provider of digital brand marketing services including pay-per-click management, social media marketing, funnel creation and optimization, SEO, web design, conversion optimization and more. It is a certified partner of Google, Shopify, Bing ads, IMA, and has been featured in Forbes, HuffPo, Wix.com and other leading publications.
Logiq 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. Structured as an asset purchase, Logiq purchased certain Battle Bridge assets including customer lists and contracts, trade names and trademarks, marketing resources, proprietary tech 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 shares which are subject to a minimum six-month lockup with leak-out gates for one year thereafter. Concurrent with the transaction, Logiq is employing numerous key Battle Bridge employees.
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The transaction brings Logiq incremental revenue and projected accretive earnings while synergistically increasing its content creation resources and broadening its digital marketing expertise enabling both businesses to scale their assets and operations for accelerating growth.
“Our first strategic deal of 2022 is tremendously positive as we successfully execute on our business plan to pursue strategic and EBITDA-accretive acquisitions that strengthen our competitive advantages, enable us to capture market share and create cross-selling opportunities,” said Brent Suen, Logiq Chairman and CEO. “It is an exemplary model of the types of transactions we are actively working on for 2022.”
“All industries go through periods of consolidation,” Mr. Suen added. “With most small businesses hit hard by the pandemic, we see many well-managed businesses in our fragmented industry with attractive, low valuations whose best option for strong, sustainable growth is simply to gain scale through M&A. Logiq has the expertise and vision to synergistically consolidate these undiscovered values.”
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