Minneapolis, Minnesota Jan 17, 2021 (Issuewire.com) - Minnesota based early-stage software startup, KloudGaze Inc. has finalized an asset purchase agreement with publicly listed Life on Earth Inc., with the stock ticker, LFER in an all-stock deal.
KloudGaze has been founded by Aditya Sharma, who owns 90% of the company. The remaining 10% is employee-owned. KloudGaze is Aditya's second software company. His first company, Crosscode was the subject of a hostile takeover which led to the birth of KloudGaze. Explaining the rationale of the merger, Aditya says "The pandemic has taught founders to think outside the box to meet their capital requirements for growth. We chose to merge with a publicly listed company so we could be trading on day one of our mergers and have access to the capital markets to meet our aggressive growth plans."
With the merger, KloudGaze will be the largest shareholder of all of LFER stock and Life on Earth will exit all existing businesses to become too pure a technology company offering its innovative and industry's only "Code Level Dependency Mapping Capabilities" that helps companies reduce application development costs by up to 50%, ensures compliance at application code levels to key frameworks like GDPR and more.
Towards the larger investment strategy, Aditya adds "The new company has already opened a Preferred Series C investment round to its accredited investors which will get closed in about 15 days. The company will then be issuing a Reg A public offering within the first half of 2021 to fuel its growth Organically as well as via acquisitions."
Aditya further adds, "With this agreement, we will be putting a new leadership team in place to make KloudGaze a global company in very short order. We have an aggressive roadmap to make additional acquisitions in the technology space that will result in KloudGaze becoming a Billion-dollar company very soon. You should see KloudGaze making an acquisition in the technology space, very soon." KloudGaze will be headquartered in Minnesota and will add 50+, 6-figure jobs in the state in very short order.
As Aditya rightly puts it "Who says you've got to be in the Silicon Valley to create the NEXT BIG ENTERPRISE SOFTWARE"
LFER stock has increased by over 400% since the signing of the MoU.
About KloudGaze, Inc.
KloudGaze, Inc. is a Minnesota based mission-critical enterprise software provider enabling rapid innovation and keeping the operations safe, compliant, and manageable. It was founded by Aditya Sharma who conceived the flagship product to help organizations innovate and modernize legacy systems while minimizing the cost and risk of business disruptions.
For more information, please visit www.kloudgaze.com
Source :Kloudgaze Inc
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