SEATTLE WA--(Marketwired - Sep 8, 2015) - SinglePo
Post# of 1134
Posted On: 09/08/2015 8:05:59 AM
SEATTLE WA--(Marketwired - Sep 8, 2015) - SinglePoint Inc. (OTC: SING) announces today that its Agreement to acquire Text2Bid™ for $1.25m, has been approved by both parties and is expected to be executed on September 14th, 2015. SinglePoint CEO Greg Lambrecht will travel to Seattle, WA to meet for final signature on the Agreement. Once terms are fulfilled, Text2Bid™ will become a wholly owned subsidiary of SinglePoint.
Text2Bid is a dynamic mobile and payment solutions company partnered with Maestro Software and Text-A-Day and is the world's leading provider of mobile auction technology.
The Company is already profitable and operates over 400 auctions per year generating over 10 million dollars for its users. The Company has shown cumulative growth year after year for the past five years and the acquisition by SinglePoint would enable the company to start processing the collected payments through SinglePoint's proprietary mobile payment technology.
SinglePoint is currently executing accountable initiatives to raise the initial $625,000, to be paid in cash, with the remainder of the purchase price ($625,000) to be paid by SinglePoint in the Company's Common Stock. Recently, Lambrecht met with Investment Banking prospects who have shown interest in cash-flowing the opportunity and have issued term sheets currently being evaluated by the SinglePoint Board. Lambrecht will return to New York to follow up accordingly, then to Seattle with Text2Bid.
The auction industry is an $18 Billion dollar industry, currently underserved in the SaaS market. SinglePoint is gearing to change that with the implementation of Text2Bid and Pay by Text™ technologies. As previously released, Ken Kleve, President and COO of Maestro Software states, "Text2Bid has changed the landscape of auction fundraising and continues to grow exponentially year over year. We are thrilled with the potential of this acquisition. SinglePoint's technology and development expertise will allow us to take Text2Bid to the next level."
Text2Bid turns a traditional silent auction into a mobile enabled interactive experience. Auctions using Text2Bid have seen, on average, a 28% increase in amounts donated over previous years when not using the service.
Text2Bid is a dynamic mobile and payment solutions company partnered with Maestro Software and Text-A-Day and is the world's leading provider of mobile auction technology.
The Company is already profitable and operates over 400 auctions per year generating over 10 million dollars for its users. The Company has shown cumulative growth year after year for the past five years and the acquisition by SinglePoint would enable the company to start processing the collected payments through SinglePoint's proprietary mobile payment technology.
SinglePoint is currently executing accountable initiatives to raise the initial $625,000, to be paid in cash, with the remainder of the purchase price ($625,000) to be paid by SinglePoint in the Company's Common Stock. Recently, Lambrecht met with Investment Banking prospects who have shown interest in cash-flowing the opportunity and have issued term sheets currently being evaluated by the SinglePoint Board. Lambrecht will return to New York to follow up accordingly, then to Seattle with Text2Bid.
The auction industry is an $18 Billion dollar industry, currently underserved in the SaaS market. SinglePoint is gearing to change that with the implementation of Text2Bid and Pay by Text™ technologies. As previously released, Ken Kleve, President and COO of Maestro Software states, "Text2Bid has changed the landscape of auction fundraising and continues to grow exponentially year over year. We are thrilled with the potential of this acquisition. SinglePoint's technology and development expertise will allow us to take Text2Bid to the next level."
Text2Bid turns a traditional silent auction into a mobile enabled interactive experience. Auctions using Text2Bid have seen, on average, a 28% increase in amounts donated over previous years when not using the service.
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