Under the agreement, Centana would acquire substantially all of Jumio’s assets. Also, the package of consideration includes funding the forecast capital requirements of the company through to cash break even - forecast to be as much as USD 15mln - the assumption by the buyer of all going-forward liabilities of the business, the hiring of all of the seller’s employees on current terms, the ability of the seller to pay all accrued liabilities of the business during the bankruptcy case, additional cash consideration, and certainty regarding a closing of the sale, while also leaving in the estate potentially valuable claims against third parties.
The agreement was reached following a competitive auction conducted under procedures approved by the United States Bankruptcy Court for the District of Delaware. The company’s subsidiaries located outside the U.S. were not included in the Court proceedings but are included in the sale.
Jumio is an identity management and credentials company that helps businesses reduce fraud.
Centana Growth is a growth equity company focused on financial services, financial technology, and related enterprise technology.
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