PALT - Paltalk acquires ManyCam assets for $2.7M

Paltalk (NASDAQ:PALT) said Thursday it acquired ManyCam's core assets from Visicom Media for $2.7M in cash. The deal also includes a potential earn-out payment of up to $600K on reaching certain performance targets related to ManyCam software's gross sales over 6 months following the closing of the acquisition. ManyCam is a live streaming software and virtual camera that allows users to use their webcam with different video chat and video streaming applications. PALT also inked transition services agreements with certain employees or affiliates of Visicom to support the transfer of assets. "We believe the integration of the ManyCam software into current application offerings has the potential to generate positive cash flow in the near term and contribute to positive EBITDA over the long term," said PALT CEO Jason Katz.

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Paltalk acquires ManyCam assets for $2.7M