Z3 Enterprises, a publicly listed multimedia publishing and marketing company formerly known as Bibb Corp, has signed an agreement to acquire Usee for $105 million in stock upon completion of the company’s recently announced 6:1 forward split.
Upon close of the transaction, Usee will operate as a wholly owned subsidiary of Z3, adding revenues of nearly $10 million annually to the bottom line of the parent company, and self-reportedly also “pending contracts worth well over $100 million per year”.
Z3 Enterprises states that while its primary focus is on the acquisition, financing, and production of media related consumer products, the acquisition of Usee allows it to diversify its revenue streams.
The company adds that the transaction will also enable Usee to complete several other acquisitions of complementary companies in the VoIP space in the future, and subtly points out that Usee owns a number of patents in that fast-growing segment of the market.
Usee offers what it (horridly) dubbed the UseeiseeFone, a telephone device that enables people to communicate, face-to-face, with other “UseeiseeFones” or call, errrmm, non-UseeiseeFones just as they would with a regular phone. The device can also connect directly to a TV set or computer for a larger picture.
Z3 Enterprises and Usee intend to raise $150 million for Usee’s operations, including the international expansion of its products and services. In addition, Z3 Enterprises says it intends to utilize Usee’s platforms for advertising and delivery of some of its video-based content, which includes educational programs and other corporate and consumer products.