Milwaukee-based ARI Network Services Inc. paid a cool $10.3 million to Florida residents Raymond Basha and Herbert Boardman for its acquisition of Weston, Florida-based Auction123.
ARI completed the acquisition on Nov. 1, but now has filed related documents with the SEC detailing how it will pay for the addition, and who will benefit.
ARI on Nov. 1 increased its term loan amount to $13 million, to be repaid by Nov. 1, 2021. It paid $10.25 million in cash, plus a $250,000 holdback payment, to acquire Auction123. There is also a contingent earn-out purchase price (if any) of $1.5 million maximum to be paid to the former owners, based on the company meeting certain revenue benchmarks.ARI completed the acquisition on Nov. 1, but now has filed related documents with the SEC detailing how it will pay for the addition, and who will benefit. Read the full story here.
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