IDT's NRS subsidiary sells 2.5% minority stake to Alta Fox for $10M

IDT CORP

NRS sold 862,442 Class B shares (2.5% fully diluted) to Alta Fox for $10M cash.
NRS generated $21.2M revenue in trailing twelve months ended April 30, 2021; quarterly revenue up 123% YoY.
IDT retains approximately 81% equity interest in NRS after the sale.
Alta Fox implies enterprise value of over $400M for NRS based on the $10M investment.
NRS operates POS platform for independent retailers; IDT sees expansion into adjacent markets.

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