The Glimpse Group, Inc. entered into a Membership Interest Sale agreement to acquire Sector 5 Digital, LLC from Jeff Meisner, Jeff Meade, Doug Fidler, and Brandy Cardwell for $26.4 million.
December 01, 2021
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The Glimpse Group, Inc. (NasdaqCM:VRAR) entered into a Membership Interest Sale agreement to acquire Sector 5 Digital, LLC from Jeff Meisner, Jeff Meade, Doug Fidler, and Brandy Cardwell for $26.4 million on December 2, 2021. Pursuant to the terms, Glimpse Group will pay an upfront consideration of $8 million comprises of $4 million in cash and $4 million in stocks of Glimpse Group. Remaining $19 million is dependent on the achievement of revenue growth milestones over the next three years, $2 million of which is payable in cash and $17 million in shares.
Sector 5 Digital reported revenues of approximately $3 million in 2020. Jeff Meisner, founder and Chief Executive Officer of Sector 5 Digital will continue as its General Manager post acquisition and join Glimpse's executive team as Chief Revenue Officer. Jeff Meisner will also be appointed to Glimpse's Board of Directors as a non-independent director.
Majority shareholders of Glimpse Group have approved the transaction. The transaction is expected to complete in first quarter of 2022. The transaction is expected to be immediately accretive to Glimpse.
The Glimpse Group, Inc. is a diversified immersive technology platform company engaged in providing enterprise-focused virtual reality (VR), augmented reality (AR) and spatial computing software and services. Its platform of immersive technology subsidiary companies, collaborative environment and diversified business model focuses on simplifying the challenges faced by companies in the emerging immersive technology industry. It develops, commercializes, and markets immersive technology software products, solutions, and intellectual property (IP). Its platform is comprised of various wholly owned subsidiary companies, each targeting different industry segments, including corporate training, education, healthcare, government and defense, branding/marketing/advertising, retail, financial services, food and hospitality, media and entertainment, architecture/engineering/construction (AEC), corporate events and presentations, beauty and cosmetics, and social VR support groups and therapy.
The Glimpse Group, Inc. entered into a Membership Interest Sale agreement to acquire Sector 5 Digital, LLC from Jeff Meisner, Jeff Meade, Doug Fidler, and Brandy Cardwell for $26.4 million.
THE GLIMPSE GROUP, INC. 
