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Strategic Asset Purchase Accelerates Time to Market for Flagship Platform
SEATTLE, WA --(Marketwired - March 10, 2016) - DigitalTown, Inc. (OTC PINK: DGTW) today announced the acquisition of Seattle-based Cloud.Market, an eCommerce technology platform founded by Chris Maxwell.
DigitalTown and Cloud.Market began exploring strategic discussions in August 2015 and have been formally partnering on technology integration since January 2016. On March 4, 2016, following a successful technology integration, the Board of Directors unanimously approved the acquisition of Cloud.Market. Concurrent with approving the acquisition, the Board appointed Chris Maxwell to the position of Chief Technical Officer, with immediate effect, reporting to Rob Monster, Chief Executive Officer. A Purchase and Sale agreement was executed on March 9, 2016.
Rob Monster, CEO of DigitalTown, explained the logic of the deal, "Cloud.Market and Chris Maxwell are a remarkably good fit for DigitalTown. Chris Maxwell is a talented technology manager who possesses the rare ability to both envision and execute on a transformative technology platform for local content, community and commerce that equips residents and visitors to see the world through local eyes, while empowering local merchants to more effectively compete against national eCommerce providers and big box retail. The integration of Cloud.Market technology is a market launch accelerator for both web and mobile applications."
Chris Maxwell, Founder of Cloud.Market, is a respected Seattle-based technology executive. He was previously a senior technology executive at Amazon.com prior to starting Cloud.Market.
Chris Maxwell, Chief Technical Officer, added, "DigitalTown is a perfect launch partner for Cloud.Market. Together we help local communities and businesses connect to grow local economies in towns all over the United States and beyond."
The Cloud.Market software development team based in Jaipur, India has been working closely with DigitalTown since January. The software development team will remain in Jaipur, reporting to Chris Maxwell. The Jaipur-based engineering team will be responsible for software development and after-hours live merchant support.
Kenneth Holloway also joins DigitalTown as Director of Operations, and will be responsible for onboarding city management and merchant communities for contracted DigitalTown customers, starting with the rollouts in Gaylord, MN and Leavenworth, WA both in progress with live test markets opening in Spring 2016 followed by national launch in Summer 2016. Mr. Holloway will also report to Rob Monster, CEO.
DigitalTown, Inc. (DGTW) powers vibrant online communities that unite people with shared interests with content, community, and commerce. The company is a leading provider of turn-key site solutions to power "Digital Towns", with a unique, cost-effective, and integrated approach. For more information about the company, please visit www.digitaltown.com.
Safe Harbor Language: Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act 1995. Readers are cautioned not to place undue reliance on forward-looking statements. DigitalTown, Inc. undertakes no obligation to update any such statements to reflect actual events.
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