Voxtur Analytics Corp. (TSXV:VXTR) Research Update

• Arrowhead is updating its coverage on Voxtur Analytics Corp. (“Voxtur” or the “Company”) with a fair value bracket of CAD 2.08 – CAD 2.54 (Share Price on April 25, 2022: CAD 1.35) based on Discounted Cash Flow Valuation and Company Comparable Valuation
• Voxtur is a Real Estate Technology company which operates a proprietary web-based enterprise platform and database that improve cost and operational efficiency for real estate investors, lenders, government agencies, and servicers, by modernizing transaction processes and improving access to high-quality data and analytics
• Voxtur offers tech-enabled services and software solutions in three areas – Tax Assessment, Property Valuation, and Title & Settlement Services. It has one of the largest real-time property databases and valuation technology platforms in North America. The Company is working on further expanding its database as well as adding new functionalities to its platform by further leveraging the database
• With its solutions gaining significant market traction, the Company has undertaken a major sales & marketing push to establish itself as a dominant player in the US followed by other major markets. The Company laid the foundation for this initiative by rebranded its corporate identity and adopting a new logo in Q2 ‘2021. It also introduced the Voxtur verified stamp of quality assurance to underscore its credibility. Signing more master service contracts to generate higher volumes and predictable revenue is one of the core objectives of this Sales & Marketing push
• Voxtur is highly acquisitive, having completed six acquisitions since 2019, including five acquisitions in 2021 alone including Benutech, the Company’s most recent acquisition
• Voxtur’s recent acquisitions of Xome Valuations and Benutech would add significant data assets that dovetail well with Voxtur’s Anow valuation platform and could accelerate the Company’s transformation into a pure SaaS player and one of the top players in the North American Real Estate Tech space. We expect the Company to make more acquisitions going forward with the triple objective of expanding its database, adding synergistic technologies, and generating lucrative cross-selling opportunities. However, future acquisitions are likely to be larger, less frequent, and more strategic
• The Company has announced a fully compliant alternative to title insurance through its AOL program in response to changes to the Fannie Mae Single Family Selling Guide released in April 2022. A Voxtur AOL provides an attorney’s opinion of title backed by transactional liability insurance that follows the loan into the secondary market and is issued by AM Best A Rated carriers