Whole Living completes Vestrio acquisition
completed the acquisition of Vestrio Corporation, a marketer of
software products.
Whole Living, the US company which trades as the Brain Garden, has completed the acquisition of Vestrio Corporation, a marketer of software products.
On the face of it, Vestrio might seem an odd acquisition for Whole Living, a company which specialises in the marketing of whole food products. However, the company said in a statement that Vestrio's financial educational software products contributed to individuals' 'whole living' experience and as such were an excellent fit with the company's existing business.
Both companies also have similar business models, allowing for the potential co-marketing of their products to their respective distributor bases.
Whole Living has acquired 100 per cent of the issued and outstanding common shares of Vestrio through a plan of reorganisation in which the company issued 3 million shares of common restricted stock to the Vestrio shareholders.
The acquisition is also expected to boost Whole Living's results for 2002. It had previously forecast revenues of $11.1 million, but the combining of the two firms' activities and the subsequent savings mean that revenues will be somewhere in the region of $30 million, an increase of over 500 per cent compared to 2001.
Ron Williams, president of Whole Living, said: "Over the past three years we have built a solid business foundation to grow upon, as well as established international networks presence and, I believe most importantly, the company has reached a level of profitability.
"I am excited about the completion of this acquisition and synergy between the companies, the management and their products, and the ultimate savings and productivity to be derived from the combination of these two companies."
Williams continued: "Vestrio adds a new dimension to our product offerings which allows Whole Living to expand into educational products to generate well-rounded living and fit into the company's core philosophy."
