Clark Hill Advises Xcite Interactive on Its Sale to Versus Systems
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Joseph R. Struble , Carol Glendenning , Kenneth S. Wear , Lauren L. Perez
A team at Clark Hill led by corporate member Joe Struble acted as transaction counsel to Xcite Interactive, Inc. in the negotiation and documentation of its sale to Versus Systems, Inc. (NASDAQ: VS) which closed on June 3.
Xcite is a world leader in interactive audience and second-screen engagement for many professional sports organizations that will now be able to access Versus’ patented rewards platform for their apps, streams, and broadcasts. The combination of Xcite’s newly-developed XEO platform with Versus’ advertising and engagement tools will enable audience members to win rewards while watching their favorite games, teams, streams, and live events on any device.
The merger transaction valued Xcite at approximately $19 million and the consideration received by Xcite shareholders consisted of Versus stock and some cash. The team members included Joe Struble (member, corporate), Carol Glendenning (member, corporate), Lauren Laughlin (associate, corporate), Ken Wear (senior attorney, tax), Charles Russman (senior attorney, employee benefits), and Luke Bailey (senior counsel, employee benefits).