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Tuesday, May 17, 2022

Safe-T [NASDAQ: SFET] Announced That Its Subsidiary Acquired 100% Equity Interest Of Chi Cooked

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Safe-T Group Ltd [NASDAQ: SFET] declared that its division Safe-T USA Inc. purchased 100% equity interest in Chi Cooked LLC. Safe-T is a company that provides reliable access solutions for hybrid ecosystems. Meanwhile Chi Cooked is a company that specializes in cloud-based IP proxy services.  This transaction will be financed by internal cash resources.

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This acquisition will help accelerate Safe-T’s strategy to become a single place for dealing with all proxy related business. Furthermore, this purchase will also supplement the company’s division NetNut. Also, expand the company’s income source.  The company paid $1.1M initially on the closing of the transaction. Safe-T might decide to pay up to 25% of the earn-out stock considering Chi Cooked 2021 revenue over $1.1M, subject to an operating margin of at least 37.5%. Chi Cooked founder and only shareholder will continue to operate as the company’s CEO.

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