Vivid Games will sell Bidlogic by September. The company concluded an annex regarding the date of finalizing the transaction.
Vivid Games will sell Bidlogic by September.
The company concluded an annex regarding the date of finalizing the transaction.
At the end of June, the company concluded a term sheet concerning the terms of sale of the Bidlogic technology, which enables the management of advertising mediation services in mobile applications. Originally, it was assumed that the final contract would be concluded in July. Due to the extension of the due diligence, the Company concluded an annex with the potential buyer, extending the entire process.
“It turns out that both we and the potential buyer were too optimistic about the deadline we set for the transaction. The due diligence process did not raise any topics that could jeopardize the transaction. However, there are many legal, tax, and technical issues that require consulting internal or external specialists. During the holiday season, due to vacations, the terms are extended. The annex postpones the contract conclusion date by only one month. We should therefore finalize the transaction in August, although for safety reasons the term sheet has been extended until the end of September." - explains Jarosław Wojczakowski, CEO of Vivid Games
As previously announced, as a result of the transaction, the Company will ultimately receive approx PLN 5 million. The first tranche will go to the Company upon conclusion of the contract and will amount to approx PLN 3.75 million.