Victory Square Enters Into Definitive Agreement to Acquire 15% of Cloud Benefit Solution

Victory Square Technologies (CSE:VST) has announced it will acquire, subject to all regulatory approvals, 15 percent of the issued and outstanding shares of Cloud Benefit Solutions.

As quoted in the press release:

Pursuant to a definitive share purchase agreement to be executed between the Company and Cloud Advisors (the “Share Purchase Agreement”), the Purchase Price will be paid and satisfied by the Company through cash installments.

“CloudAdvisors is fundamentally changing the way consumers purchase insurance, simplifying brokerage through robotic process automation and leading the evolution of digital advice through proprietary machine learning,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square.

“We are very excited to add CloudAdvisors and their leadership team to the Victory Square portfolio,” said Tejani. “The entrepreneurial CloudAdvisors team is highly qualified and talented, bringing together insurance insiders with proven tech. We believe we will be able to capitalize on the major opportunity that exists within insurance supply chain distribution.”

Tejani noted that Victory Square consistently invests where there is a large market opportunity and a team that has the capability to capture it.

The strategic partnership with Victory Square is yet another key milestone for CloudAdvisors.

“The year 2017 was a milestone for CloudAdvisors, as our innovative approach to collaboration and development reached thousands of businesses across Canada,” said Rahul Rao, Chairman, CTO and Co-Founder of CloudAdvisors. “With new customers, our wealth of data increases, supporting the systems of intelligence that will transform this marketplace.”

Click here to read the full press release.