Abaxx Technologies Inc. has announced its acquisition of PrivacyCode, Inc., a data governance platform, through its wholly-owned subsidiary Abaxx Technologies Corp. (Barbados). This merger, formalized by a definitive agreement dated August 21, 2024, positions Abaxx to enhance its market infrastructure and financial software offerings. The acquisition is expected to improve how organizations manage compliance and governance within the increasingly critical Global Data Supply Chain.
PrivacyCode specializes in transforming data governance policies into actionable and measurable tasks, addressing the challenges organizations face in coordinating compliance across various disciplines. By leveraging PrivacyCode’s platform, users can achieve consistent outcomes that ensure compliance and operational effectiveness. This integration aligns with Abaxx’s goal of providing comprehensive solutions that simplify complex regulatory environments.
In connection with the merger, Abaxx issued 37,146 common shares, priced at C$11.07 each, to facilitate the acquisition and settle existing Simple Agreements for Future Equity (SAFE Agreements) with various stakeholders. A total of 8,703 shares were distributed to Abaxx Barbados and its director and certain officers as part of the agreement, ensuring equal terms for all SAFE holders involved in the transaction.
The newly issued Acquisition Shares will be subject to a statutory hold period of four months and a day from the issuance date. This strategic acquisition reflects Abaxx Technologies’ commitment to expanding its capabilities and enhancing its offerings in the financial and data governance sectors, ultimately driving value for its clients.
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