Spindle buys assets of MeNetwork
Last Updated: 17:31 September 3, 2013
Boulder-based MeNetwork was bought for 3.5 million shares of Spindle stock, according to the SEC document filed Tuesday. Spindle’s stock price is $3 for the transaction, according to the document. While the transaction closed in March, specific purchase figures were not made public until Tuesday’s SEC document. Spindle shares (OTCBB: SPDL) traded at a high of 95 cents on Tuesday.
MeNetwork owners also are eligible for up to $5 million more in stock “earnout payments” depending on whether the company meets certain customer usage and revenue goals, according to the document. Spindle Inc. in Scottsdale, Arizona, is a publicly traded mobile payment company.
Spindle will integrate MeNetwork’s location-based marketing and advertising mobile device platform with its own mobile payment service network, according to the document. MeNetwork has customer bases in more than 85 cities around the United States and more than 20 sites in Europe, according to its website. In Colorado, MeNetwork locations include Aspen, Colorado Springs, Denver, Durango and Grand Junction.
Representatives from MeNetwork and Spindle did not immediately respond to requests for comment. It was unclear from the SEC document how the transaction might affect MeNetwork’s current Boulder office in terms of headcount or location.
“We look forward to working with the Spindle team in creating the world’s most dynamic, flexible, reliable and secure mobile commerce platform,” Mike Corbisiero, president and chief executive of MeNetwork, said in a March press statement about the transaction.
Spindle reported quarterly revenue of $378,236 for the quarter ended March 31, the most recent period for which figures were available. The company’s net loss for the same period was $675,241, according to an SEC document.
Spindle was founded in 2011. MeNetwork, founded in 2009, launched its first project for client Visit Denver, the Denver convention and visitors bureau, in 2010.
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