WILMINGTON, DE — Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) announced it has successfully concluded an asset purchase agreement to acquire substantially all of RevenueZen’s business assets. The total purchase price stands at $1,105,000. This includes $240,000 cash at closing, $425,000 in Onfolio Series A Preferred Shares, and a $440,000 11% secured promissory note due on December 31, 2025.
Five founders of RevenueZen received a combined 12% roll-over equity interest from RevenueZen Delaware. These founders will also serve in leadership roles within the RevenueZen Delaware team. Certain founders were granted a total of 270,000 non-qualified stock options to purchase Onfolio common shares at $0.51 per share.
RevenueZen, launched in 2017, evolved from a B2B marketing agency and now offers services like search-engine optimization, Linkedin marketing, and content marketing. The company’s robust reputation is evident in its high search engine rankings, notably ranking first in Google for terms such as “B2B SEO services”.
In 2023, RevenueZen reported approximately $1.4 million in revenue and $227,000 in unaudited adjusted EBITDA. Moreover, the company currently outsources some of its work to competitors of Onfolio portfolio companies. By switching this spend to its own companies, Onfolio anticipates RevenueZen will bring an additional $150,000 per year to its bottom line, along with the aforementioned $227,000.
“We are excited to have completed our acquisition of RevenueZen and look forward to capitalizing on the attractive growth opportunities ahead,” commented Dominic Wells, CEO of Onfolio. He went on to praise Alex Boyd and his team for building a successful business primed for organic growth and further acquisitions.
Echoing this sentiment, Alex Boyd, founder of RevenueZen, emphasized the company’s readiness to continue helping B2B companies generate pipeline through smart content marketing in 2024. He stated, “Marketing leaders are getting smarter every day about growing organically using SEO, and using executive thought leadership to communicate with their customers.”
This acquisition could provide Onfolio with a significant boost in its B2B marketing portfolio, offering promising growth potential for investors. A Form 8-K relating to the RevenueZen transaction was filed with the Securities and Exchange Commission on January 4, 2024.
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