Paltalk, Inc. (NASDAQ: PALT), a leading innovator in digital communications software, announced its acquisition of core assets of Visicom Media Inc.’s ManyCam, a live streaming and video chatting software.
The acquisition of ManyCam assets totaled $2.7 million in cash consideration. These assets, according to Paltalk’s press release, include assets related to development and distribution of Visicom’s software, as well as “related source code, customer lists, customer relationships and all associated customer information, contracts with contractors and suppliers, brand names, trade secrets, trademarks, trade names, designs, copyrights, websites, all URLs, goodwill and intellectual property associated with each of the foregoing.”
The transaction also involves a potential earning of up to $600,000 if certain sales thresholds are reached by ManyCam software within the six months following this acquisition.
“We believe that ManyCam is not only a perfect fit for our existing video chat communities, but also a great addition to other video conferencing applications like Zoom or Google Meet,” says Paltalk Chairman and CEO Jason Katz. “We believe the integration of the ManyCam software into our current application offerings has the potential to generate positive cash flow in the near term and contribute to positive EBITDA over the long term.”
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