WILMINGTON, Del., Oct. 17, 2022 (GLOBE NEWSWIRE) — Onfolio Holdings, Inc. (Nasdaq: ONFO, ONFOW) (“Onfolio”), a holding company that acquires and manages a diversified portfolio of online businesses across a variety of industries, today announced it has completed the acquisition of Proofread Anywhere and its related assets from BCP Media known , pursuant to an agreement entered into on October 13, 2022. The transaction was completed the following day, October 14, 2022.
Launched in 2014, Proofread Anywhere offers extensive online resources in the form of courses, workshops, and blog posts for readers who want to train and become professional proofreaders. The curriculum helps users spot common mistakes, spot grammatical errors and in turn improve their proofreading skills and launch new careers. The company also sells digital books on various topics such as writing skills and freelance taxation, and generates revenue through its courses, workshops, and eBook sales, each sold individually and in bundles. Proofread Anywhere reported 2021 (unaudited) Adjusted EBITDA of approximately $1.38 million.
“We are pleased to welcome another leading digital company to our portfolio with the acquisition of Proofread Anywhere from BCP Media,” said Dominic Wells, CEO of Onfolio. “Proofread Anywhere is a provider of business-to-consumer online courses and operates in the global e-learning market, which is expected to grow at more than 20% annually in a huge market. With the acquisition of Proofread Anywhere, we continued our strategy and added another great company to our portfolio. We look forward to working with the Proofread Anywhere team and welcome them to Onfolio.”
Mr. Wells continued, “Based on our existing relationships, we see a significant near-term opportunity to leverage Proofread Anywhere’s assets for stronger growth. Onfolio’s strategy is to identify compelling companies to create value for stakeholders and this transaction will allow us to continue our efforts.”
“Over the past eight years, Proofread Anywhere has helped thousands of people begin their freelance proofreading careers, giving them both the skills and confidence needed to take this significant step in their professional journey. Onfolio is committed to continuing to advance these core values and I am excited to be working with an acquirer who will be able to continue to scale the business and engage the community my team and I have built,” said Caitlin Pyle, Founder from Proofread Anywhere.
FE International, Inc., the global leader in mid-market technology mergers and acquisitions, acted as lead M&A advisor to Proofread Anywhere.
Onfolio Holdings Inc.
Onfolio acquires and manages a diversified portfolio of online businesses across a wide range of industries, each with a niche content focus and brand identity. Onfolio acquires companies that meet its investment criteria, meaning such companies operate in sectors with long-term growth opportunities, have positive and stable cash flows, face minimal risks of technological or competitive obsolescence, and can be managed by our existing team or have strong management teams to a large extent present. Visit www.onfolio.com for more information.
About proofreading everywhere
Founded in 2014, Proofread Anywhere has helped more than 15,000 energetic, eagle-eyed people build highly profitable remote businesses by teaching them not only proofreading methods and practices, but also how to market their services.
About FE International
FE International is an award-winning global M&A advisor to SaaS, e-commerce and content companies with over 1200 completed transactions. Founded in 2010, FE is known for its extensive network of pre-qualified international investors and institutional relationships. The team includes experts in exit planning, valuation, accounting, legal and more. FE serves clients worldwide with headquarters in New York and regional offices in Miami, San Francisco and London. It was named one of America’s Fastest Growing Companies by the Financial Times in 2022, 2021 and 2020 and is also an Inc. 5000 company four times.
Safe Harbor Declaration
Information set forth in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by using the words “may”, “will”, “should”, “plans, “explores”, “expects”, “anticipates”, “continues”, “estimates”, “projects”, ” intended” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or expected. These risks and uncertainties include, but are not limited to, general economic and business conditions, the impact of ongoing geopolitical and regional unrest, competition, changes in technology and marketing methods, delays in the completion of new customer offerings, changes in customer ordering patterns, changes in customer offering mix, continued success in technological advances and delivery of technological innovations, delays due to issues with outsourced service providers, the events and factors contained in our SEC filings described by us under the heading “Risk Factors” and other risks to which our business is exposed, and various others Factors beyond the Company’s control.