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MAPLE GROVE, Minn. - illiNews -- KloudGaze, Inc., a U.S. based enterprise cloud software company, has terminated its Asset Purchase Agreement with Life on Earth, Inc., it was announced today.
The agreement for Life on Earth to purchase the assets of KloudGaze in an all-stock transaction, including all intellectual property and existing software infrastructure, was announced in December. However, KloudGaze CEO Aditya Sharma said Life on Earth failed to meet its contractual agreements by the specified date and time, and as a result considers the asset purchase agreement (APA) "null and void," and thus terminated.
As required under applicable securities law disclosure rules, Life on Earth said it will advise the public of the Termination via an 8-K filing. As of this date, there have been no deliverables of assets or securities issued or exchanged pursuant to the APA by Life on Earth or KloudGaze.
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"We had hoped that the asset purchase agreement with Life on Earth would jointly help both companies meet its goals in the coming year," said Sharma. "Unfortunately, we were unable to secure the agreement. KloudGaze will continue to look for new opportunities in the future and make the line of KloudGaze software products a tremendous success in 2021."
KloudGaze is an enterprise SaaS platform that can instantly analyze and map out billions of lines of code across thousands of applications and databases across multiple platforms in any enterprise. Using proprietary algorithms, KloudGaze enables rapid change management by creating a step-by-step framework of code level changes needed in an enterprise, fosters better DevOps and Application Development, and enables applications to move to the cloud of choice (AWS, Azure or Google) automatically at the click of a button.
For more information, see www.kloudgaze.com, or contact asharma@kloudgaze.com
The agreement for Life on Earth to purchase the assets of KloudGaze in an all-stock transaction, including all intellectual property and existing software infrastructure, was announced in December. However, KloudGaze CEO Aditya Sharma said Life on Earth failed to meet its contractual agreements by the specified date and time, and as a result considers the asset purchase agreement (APA) "null and void," and thus terminated.
As required under applicable securities law disclosure rules, Life on Earth said it will advise the public of the Termination via an 8-K filing. As of this date, there have been no deliverables of assets or securities issued or exchanged pursuant to the APA by Life on Earth or KloudGaze.
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"We had hoped that the asset purchase agreement with Life on Earth would jointly help both companies meet its goals in the coming year," said Sharma. "Unfortunately, we were unable to secure the agreement. KloudGaze will continue to look for new opportunities in the future and make the line of KloudGaze software products a tremendous success in 2021."
KloudGaze is an enterprise SaaS platform that can instantly analyze and map out billions of lines of code across thousands of applications and databases across multiple platforms in any enterprise. Using proprietary algorithms, KloudGaze enables rapid change management by creating a step-by-step framework of code level changes needed in an enterprise, fosters better DevOps and Application Development, and enables applications to move to the cloud of choice (AWS, Azure or Google) automatically at the click of a button.
For more information, see www.kloudgaze.com, or contact asharma@kloudgaze.com
Source: Savvy, Inc.
Filed Under: Business
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