Verb Technology Company, the leader in interactive video-based sales-enablement applications, including MARKET.live, its livestream social shopping platform, announces that on June 13, 2023, the Company executed an asset purchase agreement with Scaleworks, Inc., a San Antonio, TX-based B2B software private equity fund, through its special purpose entity SW Direct Sales, LLC and simultaneously closed the sale of all assets that comprised its direct sales and life sciences software-as-a-service applications, including its customer relationship management, learning management system and live selling software applications. The Company retained, and will now focus its resources entirely on its livestream shopping platform, MARKET.live. Alantra served as the exclusive advisor to VERB.
A summary of the terms of the Transaction are set forth in a Form 8-K filed today by the Company. The Form 8-K also includes information concerning a non-binding letter of intent executed by the Company to acquire certain assets to accelerate the growth its MARKET.live platform.
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“This is a pivotal moment in the continued evolution of VERB,” states Rory J. Cutaia, Chairman and CEO of VERB. “What this means for Team VERB moving forward is that we have a much leaner organization, a smaller team of accomplished professionals, laser-focused on MARKET.live, our livestream shopping business, together with the resources needed to implement and execute the growth initiatives that for the most part, have been put on hold over the past 6 months. Through this transaction, we have placed our direct sales and life sciences business assets, and more importantly, our clients, in the capable hands of Scaleworks, whose expertise is growing B2B software businesses. Moreover, our entire SaaS team, employees and contractors – 74 people in total – have been retained by Scaleworks so our clients can be assured that the same best in class direct sales enablement platform, managed by the best in industry people remain in place as committed as ever to our clients’ success.”
SOURCE: GlobeNewswire