Locafy Ltd (LCFY) News & EventsLCFYLocafy Ltd

Locafy Acquires Map Labs Assets for Up to $3M

Locafy announced that it has entered into a definitive agreement to acquire the assets and customer base of Map Labs, a U.S.-based maps marketing software and services business, for total potential cash consideration of up to $3M, subject to the satisfaction of customary closing conditions. The company believes the transaction, which is scheduled to close on or before December 31, is expected to materially increase Locafy's revenue and operating profitability while accelerating its U.S. growth strategy. Map Labs is expected to generate approximately $2M in annual recurring revenue and approximately $900,000 of EBIT in calendar year 2026, representing an approximate 45% EBIT margin and valuation of 2.2x EBIT. The acquisition is structured as $2M payable upfront with an additional $1M contingent upon the acquired business achieving significant future revenue growth. $500,000 is payable if Map Labs achieves greater than $3.84M of revenue during calendar year 2027, with a further $500,000 payable if revenue exceeds $4.76M during calendar year 2028. The company intends to fund the upfront consideration primarily through a debt facility. No Locafy securities will be issued as consideration in connection with the acquisition.

Locafy Appoints Liz Willits as Chief Marketing Officer

Locafy announced the appointment of Liz Willits as chief marketing officer, serving on a fractional basis. Willits will lead the company's global marketing strategy, brand positioning, customer acquisition, channel development, and recurring revenue growth.

Locafy Receives Compliance Notice from Nasdaq

Locafy announced that it received a notice from Nasdaq indicating that the company was not in compliance with Nasdaq Listing Rule 5250 as a result of the company's delay in furnishing to the U.S. Securities and Exchange Commission a Form 6-K containing an interim balance sheet and income statement as of the end of its second quarter. The interim balance sheet and income statement was issued on June 26 and the company subsequently furnished the required Form 6-K, which included its financial results for the six and nine months ended March 31 on July 1.