(NewsDirect)
Xigem Technologies CEO Brian Kalish joinedSteve Darling from Proactive to shed light on the company's latestventure: the acquisition of EchoDigital, a robust SaaS-driven AIplatform focused on automotive shopping and delivery.
This strategic move has already begunbearing fruit as Xigem received noteworthy results from the newlyacquired asset in the initial quarter of 2023.
Following the successful acquisition, andin alignment with the stipulated royalty and service-orientedmanagement arrangement, EchoDigital swiftly contributed to Xigem'sfinancials.
Impressively, theplatform generated gross sales amounting to $439,684, with net salesof $13,191. These early figures underscore the potential and viabilityof this business endeavor.
Inaddition to this achievement, Xigem faced an interesting developmentinvolving one of its vendors. This vendor's entire share portfoliowas acquired by Carnance Inc., a reputable player in the market fornew and pre-owned vehicles, duly registered with the Ontario MotorVehicle Industry Council. This transaction carried with it theseamless assumption of all existing obligations, including the royaltyand service-centric management agreement and loan agreement inkedbetween Xigem and the vendor during the initial acquisition.
As a corollary of the CarnanceTransaction, Xigem anticipates a temporary halt in EchoDigital'sperformance, followed by a prospective resumption in the latter partof its third fiscal quarter or the outset of the fourth quarter in2023.
This intermission isattributed to the procedural transition of responsibilities resultingfrom the vendor's change in ownership.
Despite this pause,Xigem remains enthusiastic about the future outlook of EchoDigital,projecting a positive trajectory as the business realigns andaccelerates growth in the specified quarters.
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