VANCOUVER, British Columbia, April 17, 2018 (GLOBE NEWSWIRE) -- Subject to all requisite regulatory approvals, Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (VSQTF) (6F6.F) will acquire 9.09% of all issued and outstanding shares of LocoNoco Inc. (“LocoNoco”), a cloud-native decision-making platform, for $500,000 USD in total consideration (the “Purchase Price”).
Pursuant to a definitive share purchase agreement executed between the Company and LocoNoco, the Purchase Price will be paid and satisfied by the Company through cash installments totaling $500,000 USD.
LocoNoco is a decision-making platform that offers simplicity, reusability and transportability in an era of smart, automated processes. Its proprietary framework makes it possible for developers to work collaboratively on Robotic Process Automation (RPA), smart contracts and AI on a global scale.
"LocoNoco is set to capitalize on the emerging big trends of decentralization and automation of business processes. Its platform opens up new markets to these technologies and helps developers monetize their work through new licensing models. LocoNoco is in alpha release with several clients and will be launched to a broad market later this year,” stated LocoNoco CEO, Louis-Victor Jadavji.
“Victory Square is pleased to announce an investment into LocoNoco, a decision-making platform that makes it simple for developers to work with RPA, smart contracts and AI,” said Shafin Diamond Tejani, CEO of Victory Square. “The entire team has a tremendous track record of executing on large scale opportunities and are set to embark on ambitious growth plans.”
“This investment, along with others we have made thus far in 2018, are aligned with our thesis at Victory Square that emerging technologies such as AI and Blockchain will bring major changes to traditional business models,” continued Tejani.
LocoNoco’s founding team has scaled up other venture-backed businesses, including Vancouver-based Wiivv, and has experience raising venture capital from the Getty Trust, Vertex, Real Ventures, and Evonik. The LocoNoco team hails from Atlassian, Slack, Grow, and other leading technology companies. LocoNoco CEO, Louis-Victor Jadavji, is a Forbes 30 Under 30 honoree, and LocoNoco Vice President of Product, Jason Kim, was previously the Head of Product at a KPMG Top 100 Fintech company.
“The Victory Square team represents some of the brightest minds when it comes to decentralization and working with emerging technology ecosystems,” said Louis-Victor Jadavji. “With our focus on making automation accessible to new markets, it was necessary for our team to have a financial partner like Victory Square that understands the capital requirements of a platform-play and can mentor our team through various growth phases.”