Axiologix, Inc acquired iWorld Services from Paul Falchi, David Chen Chih Yu and Ka Lun Chan for $10.5 million.
Axiologix drew an additional $1.7 million from its revolving line of credit with TCA Global Credit Master Fund, LP to provide the cash portion of the transaction, cover transaction costs and provide working capital to fund growth of the business going forward. Post transaction; iWorldServices will operate as a subsidiary of Axiologix, Inc. In connection with the acquisition, AXLX paid total finder's fees of $0.45 million. The management team at iWorldServices is staying with the group post transaction with Paul Falchi transitioning from Chief Executive Officer to President of iWorldServices in a continuing role.
The merger agreement is subject to approval by iWorldServices shareholders and board of directors. The agreement is further subject to due diligence, subject to regulatory approvals and subject to shareholder approval of Axiologix, Inc. A majority of the outstanding shareholders of iWorldServices have approved the merger.
Dart Business Services, LLC acted as legal advisor for Axiologix, Inc. Law Offices of Richard Glantz acted as legal advisor for iWorldServices.
Axiologix, Inc. (OTCPK:AXLX) completed the acquisition of iWorld Services on November 21, 2013.