Omega Commercial, NuQuest Acquire Web Portal Asset
Omega Commercial Finance (OCFN) and NuQuest announced they signed a Definitive Asset Purchase Agreement to close the acquisition of NuQuest’s majority-owned asset, Capital MatchPoint financial services web portal. As one of OCFN’s operating subsidiaries, this web portal will remain under the brand Capital MatchPoint.
OCFN financed the acquisition with the issuance of 1-million convertible preferred stock. Strategically, the strength of the acquisition is the ability for CMP to add three revenue verticals to OCFN serving as an additional potential profit center for the holding company. The first is from the existing capital-seeker subscribers on the web portal, numbering into the thousands. The second source is from licensing the technology to the huge start-up crowdfunding portal marketplace. Finally, the third and more instantaneous source of revenue comes from the cross pollination of CMP’s proprietary database containing a subscriber base of 18,000 accredited investors that could support the direct capitalization of OCFN’s small balance commercial real estate loan opportunities.
“We at the Capital MatchPoint are very excited about becoming part of the OCFN family of companies. We know that this opens up many new opportunities for our growth and we’re now able to expand in ways that were never possible before,” explained Ken Honeyman. “As for our existing shareholders, it gives us the opportunity to enjoy the potential upside of the public company’s growth. We’ll provide the technology platform for new deal flow that meshes into the enormous growth of crowd funding as we will be an early adopter in automated deal aggregation in this space.”
Jon S. Cummings IV, chairman of OCFN, states, “As part of OCFN, CMP still keeps its own unique identity, leadership, brand and culture. As a subsidiary, CMP management remains separate of OCFN yet the product lines although independent and specific to CMP, create valuable synergies with the parent company. Additionally all of our companies will benefit from shared ideas and efficiencies experienced in the ‘back-of-the-house,’ such as finance, IT, and CMP’s access to the capital markets through our publicly traded platform enabling continued growth.”
Capital MatchPoint™ is an international social network and Internet platform with eCommerce transactional capabilities. CMP is a two-party “matching” mechanism for the capital seeker and capital provider markets. The automated system aggregates, sorts, matches, notifies and routes user requests to provide or receive funding. CMP is configured to serve as a social network and Internet transaction platform for virtually any other application where there is a two-sided market of users, (buyers/sellers, users/providers) in need of a web-based meeting place and a matching process, i.e., crowd funding, real estate, technology, healthcare.