The festive season may be here, but investors are still on the lookout for the stocks to track, and one of the companies that could be worth watching is Affluence Corp. (OTC: AFFU). On Monday the company came into focus after it announced that it had signed a new agreement.
New Agreement
The technology company announced yesterday that it had tied up an agreement with regards to the acquisition of Mingothings SLU (MTI). MTI is an integrated IoT (internet of things) and data analytics firm focused on the smart cities and connected industries spaces.
In the news release, it was revealed that the two companies had inked a binding letter of intent by way of which shareholders in MTI would get equity in Affluence Corp in exchange for their ownership stakes. It was also noted that the two companies were working closely on the due diligence process and aimed to close the transaction by the first fiscal quarter of 2025.
Further Information
The acquisition could be a game changer for Affluence since the IoT market is projected to hit a valuation of $4.6 trillion in 2032 from $768 billion in 2024, as per estimates from Fortune Business Insights. Moreover, that would imply a CAGR of a staggering 25.2%.
Key Quote
“This is the first step in our planned acquisition strategy to grow Affluence. On a combined basis, we believe these companies will deliver in excess of $4 million in revenue in 2025, have EBITDA margins exceeding 10%, which will then scale from cost synergies and accelerated growth, and be solidly cash flow positive. MTI brings a large installed base to complement the OneMindNG base, enabling greater access to a growing network of world-class partners, resellers, and distributors. We are excited for the increased growth potential brought to us through the expanded market reach,” said James E. Honan, Jr., CEO of Affluence Corporation.
Technicals
| +/- EMA(20) | 0.001 (-40.00%) |
| +/- SMA(50) | 0.0018 (-66.67%) |
| +/- SMA(200) | 0.0066 (-90.91%) |
| 5-Day Perf. | -33.33% |
| 1-Month Perf. | -45.45% |
| 3-Month Perf. | -80% |
| 6-Month Perf. | -94.06% |
| YTD Perf. | -85.37% |
| 1-Year Perf. | -85.71% |
| RSI(14) | 36.63 |
| ATR(14) | – |
| ADX(14) | 7.68 |
| Beta (5Y) | – |
