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Proposed acquisition target would accelerate audio Superapp status by introducing unique high-margin music player capabilities into faidr
Proposed additional functionality would improve margins by significantly reducing the cost of delivering cover content during radio ad-breaks
Technology platform of target would add further differentiation to AM/FM streaming by advancing personalization capabilities of faidr
If closed, the proposed transaction would provide direct access into the stereo headunits of multiple leading auto manufacturers
BOULDER, CO, Nov. 29, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), developer of a proprietary AI platform for audio identification and classification and related technologies that is reinventing how consumers engage with audio, today announced the execution of a third non-binding letter of intent as part of its buy-side M&A strategy aimed at cost effectively growing its user base.
"If this proposed acquisition is successfully closed, we would secure not only a healthy, revenue generating and positive cash flow business but also a talented engineering team, a robust backend system that would allow us to offer more differentiation in our audio Superapp, and potential future pathways to increase revenue through user monetization, including both ad integrations and subscription," said Jeff Thramann, Executive Chairman of Auddia.
In June 2023, the Company announced it had executed two non-binding LOIs, targeting audio-streaming applications with a combined user base of more than 8 million AM/FM streamers. These potential acquisitions are continuing to make progress towards execution of binding purchase agreements. The closing of any of our three proposed acquisitions will be contingent upon securing adequate financing.
Auddia CEO Michael Lawless added, "We have now entered into a non-binding LOI with our third acquisition target and have completed the diligence phases for our previous two targets. The three acquisitions together, if successfully closed, would result in more than $6.5 million in acquired annual revenue, approximately $3M in free cash flow to reduce burn, and provide the opportunity for substantial revenue upside through optimizing acquired ad revenue and delivering premium subscription products to the acquired user bases, not to mention extending our ability to deliver our applications directly into the automobile for the first time. If this third acquisition is successfully closed, Auddia would also be able to fulfill its Superapp strategy sooner and deliver a vastly superior audio experience through a substantial global AM/FM infrastructure."
The Company will provide updates on the M&A strategy as definitive purchase agreements are executed. The closing of any proposed acquisitions will be contingent on securing additional financing.
