AudioEye acquires ADA Site Compliance for $6.4M; raises FY2024 revenue guidance

AUDIOEYE INC

Purchased all ADA equity for $4.0M cash plus $2.4M promissory notes; earn-out up to $1.6M based on 2025 ARR.
Q3 2024 guidance raised: revenue $8.9M-$8.95M, adj. EBITDA $1.925M-$1.95M, adj. EPS $0.15-$0.16.
Full-year 2024 revenue guidance increased to $35.15M-$35.25M; adj. EBITDA $6.3M-$6.45M; adj. EPS $0.51-$0.53.
ADA acquisition expected to be accretive in Q4 2024; management expects 'Rule of 40' in Q3.
Deal funded from cash and a loan amendment with SG Credit Partners allowing earnout and note payments.

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