Next Big Technology, Inc. and its parent company NextBigFutures announced Tuesday that it has entered into a definitive agreement for the purchase of a majority of its U.S. operations and assets, including a substantial stake in NextBigTrack.com, NextBigTracks.com and NextBigAgenda.com.
The combined entity will operate NextBigTechnology.com under the NextBig Future brand and NextBillionTraffic.com will be NextBigTraffic and NextCrowds.com Under NextBigTech.com as a platform for online crowdsourced real-time traffic information.
The transaction was valued at approximately $1.6 billion.
The purchase is expected to close by the end of the second quarter of 2020, and the combined entity is expected continue operations as NextBigTrends.org under the brand and/or NextBigFreight.com for a projected 30-plus years.
The acquisition of the assets is expected as part of a strategic plan for the Next Big Things (NGT) brand, which is now valued at $2.7 billion.
NGT is the largest and fastest growing digital freight tracking company and one of the fastest growing freight tracking companies in the world.
NGTs mission is to connect consumers with accurate, up-to-date information about the movement of freight, with an emphasis on safety and efficiency.
As the industry continues to evolve, the company continues to be at the forefront of the data-driven freight industry, leveraging technology to better track the movement and distribution of freight.
“We’re very pleased to have reached an agreement to purchase the Next BIG Technology brands and businesses,” said Michael A. Peevey, president and chief executive officer of NextBigFuture.com LLC.
“Our core focus has always been to empower consumers to get the most out of their transportation, and our brand and operations have been at the cutting edge of this transition.
With the transaction, we are poised to continue to lead this transition, while maintaining our competitive edge and providing a platform to our partners.”
The transaction is expected for completion by the third quarter of 2021, and a majority share of the combined company is expected be held by NextBigTec.com shareholders.
“This transaction gives us the opportunity to leverage our strong brand to help consumers get the information they need faster and more accurately through the NGT platform,” said NextBigBusiness.com CEO Peter M. Pare.
“The Next Big Tech brands will allow us to be a more complete and trusted platform to deliver data to our consumers, and we look forward to continuing to build the Next BillionTraffic brand for the future.”
In addition to NGT, Next Big Technologies will continue to operate NextBrick.com in the U.K., NextBricks.com from Germany and NextBlacks.net from Australia.
A minority stake of NextBoys.com was acquired in 2014.
NextBanks.com is the leading provider of online credit monitoring and financing solutions, and its network offers a broad range of financial services to individuals, small businesses and other companies.
NextBs is the leader in real-estate finance solutions.
NextBigTrack and NextBIgTrack will remain independent companies.
The merger is subject to regulatory approvals and is expected in the second half of 2021.
The Next Big Tomorrow (NGTT) team is led by Robert E. Loh and is led at the time by John D. K. O’Donnell, former CFO of NextBIgs.com Inc. In 2018, NextBIGTrack was acquired by the UBS Group.