Beyond Commerce, Inc. entered into a stock purchase agreement to acquire Service 800, Inc. from Jean Mork Bredeson for $4.2 million.
January 16, 2018
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Beyond Commerce, Inc. (OTCPK:BYOC) entered into a stock purchase agreement to acquire Service 800, Inc. from Jean Mork Bredeson for $4.2 million on December 14, 2017. The purchase price to be paid includes $2.1 million in cash and issue of a promissory note of $2.1 million payable in three years with interest only payments for the first year at a fixed rate of LIBOR Plus a spread of a minimum of 3.5% and a maximum of 5.5% per annum established at closing. The purchase price is subject to adjustments. Jean Mork Bredeson will be paid all cash and accounts receivable of Service 800, Inc. due and owing on the date of closing. Jean Mork Bredeson will continue to be employed with Service 800, Inc. full-time for period of seven months after the acquisition. Transaction is subject to regulatory approval and is expected to close on December 31, 2018. As of January 17, 2019, the transaction is expected to close in January 2019. Leny Wallen-Friedman of Wallen-Friedman & Floyd, PA acted as legal advisor to Jean Mork Bredeson. John McMillan advised Beyond Commerce, Inc.
Beyond Commerce, Inc. is primarily focused on the acquisition of big data companies in the business-to-business (B2B) Internet marketing analytics, technologies, and services. The Company is engaged in developing and deploying disruptive strategic software technology that will build on the organic growth potential and exploit cross-selling opportunities. The Company provides solutions that facilitate the exchange of information and data transactions between supply chain participants, such as manufacturers, retailers, distributors, and financial institutions, with the focus of automating potential client internal processes. The Company intends to offer services and solutions, such as content services, business process management, customer experience management, discovery, business network, and analytics.
BEYOND COMMERCE, INC. 