iCoreConnect Inc (ICCT), a Nevada-based corporation, has been making significant strides in expanding its business through acquisitions in the IT solutions industry. In 2021, the company acquired three separate businesses, strengthening its position and broadening its offerings to customers. This article will take a closer look at these acquisitions and their impact on iCoreConnect’s continued growth and expansion.
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Advantech Acquisition
In April 2021, iCoreConnect acquired substantially all of the assets and business of Heyns Unlimited LLC, an Arizona limited liability company, doing business as Advantech. In exchange for these assets, iCoreConnect issued 5 million shares of restricted common stock, $1.8 million in cash, and assumed specific liabilities and obligations of Seller.
Business Computer Solutions (BCS) Acquisition
On May 31, 2021, iCoreConnect acquired substantially all of the assets and business of BCS Tech Center, Inc., an Arizona corporation doing business as Business Computer Solutions. The company exchanged 250,000 shares of common stock, $100,000 in cash, and assumed certain specified debts, liabilities, and obligations.
Spectrum Technology Solutions (STS) Acquisition
On September 1, 2021, iCoreConnect acquired substantially all of the assets and business of Spectrum Technology Solutions, LLC, an Arizona limited liability company doing business as STS. This acquisition involved exchanging 4,046,617 shares of common stock and $1.35 million in cash.
These acquisitions have positively impacted iCoreConnect’s assets, with the combined acquired assets amounting to $1,513,449 for Advantech, $105,120 for BCS, and $1,824,028 for STS. With these acquisitions, iCoreConnect also added significant customer relationships to its portfolio, increasing its customer base and, ultimately, its market share in the IT solutions industry.
In December 2021, unaudited pro forma combined results of operations, including acquisitions, showed that iCoreConnect generated $6,771,946 in revenue. However, the company reported a net loss attributable to common stockholders of $5,217,917.
To fund these acquisitions and support general corporate purposes, iCoreConnect issued 10,420,000 shares of common stock for cash proceeds totaling $1,042,000 in the period from April 1, 2021, to May 17, 2021. Furthermore, in January 2023, the company issued 4,750,000 shares of common stock at $0.10 per share for cash proceeds of $475,000.
iCoreConnect is also involved in related party transactions, with payments of interest and principal on a Note Payable with its Chief Executive Officer, Chief Operating Officer, and consulting fees paid to a director, totaling $561,975 for the year ended December 31, 2022, and $63,216 for the year ended December 31, 2021.
As iCoreConnect continues to grow and expand its business through strategic acquisitions, investors should keep a keen eye on this IT solutions company. With a stronger portfolio, broadened customer base, and the financial backing to support continued growth, iCoreConnect is well-positioned to become a formidable player in the IT solutions industry.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!