JC Data Solutions and TerraData Enter Into Merger Agreement

JC Data Solutions Inc. and TerraData.ai have entered into a definitive merger agreement under which TerraData.ai has agreed to acquire JCDS in an all-cash merger. The closing of the merger is subject to certain customary conditions including approval of the merger by the affirmative vote of a majority of holders of a majority of JCDS’s outstanding capital stock.

Cary Allen, the chairman of the board and chief executive officer of JCDS, agreed to vote shares beneficially owned by him, representing approximately 57 percent of the aggregate voting power of JCDS in favor of the merger.

Upon consummation of the merger, JCDS shareholders (except for JCDS shareholders who have properly exercised rights of dissent and appraisal) will receive $0.0012 in cash for each share of JCDS common stock and JCDS will become a private, wholly owned subsidiary of TerraData.ai. The transaction is expected to close this quarter. JC Data solutions’ service, Payment Manager, improves and streamlines oil and gas companies’ funds distribution process. TerraData.ai focuses on aggregating real property information to provide models, insights and highly configurable visualizations with a specialization in real property, oil and gas, and alternative energy information.