US whole-foods nutrition company Whole Living announced this week that it has entered into a definitive agreement to acquire Vestrio, an educational company that uses network marketing to offer a suite of proprietary stock analysis software products.
When the transaction is completed, probably in June, Vestrio will become a wholly-owned subsidiary of Whole Living. Vestrio's screening tools provide searching capability using criteria determined by the user, customisable stock charts, personalised ticker tape, portfolio management and research tools. Vestrio's revenues for the first quarter ended 31 March 2002 were $2,249,500 with total revenues for the year projected to reach $23.5 million, with net profits estimated at 15 per cent. Proforma revenues in 2002 for the combined companies are projected at $34.5 million.
In a statement, Whole Living said that one of the driving forces behind the merger was the fit that management perceived between the two companies' distributors. Whole Living hopes to maximise the benefit to both companies through the use of Brain Garden's 16,000 distributors and Vestrio's 8,700 distributors.
Terms of the agreement were not disclosed.