11:41 AM EDT, 07/30/2024 (MT Newswires) -- Voxtur Analytics ( VXTRF ) on Tuesday said it agreed to sell a 50.5% stake in its indirectly owned Blue Water Financial Technologies Holding unit to University Bancorp for US$30 million and up to US$9.5 million in milestone payments.

The real-estate technology company said University Bancorp is working with a group of mortgage-industry investors and it expects the joint venture will "pave the way for Voxtur, Blue Water and University to realize transformative growth and business development".

"We are delighted to welcome University as a major strategic and collaborative partner. This joint venture not only strengthens our financial position but also opens new avenues for strategic investments and technological enhancements," chief executive Gary Yeoman said in the release.

Most of the cash proceeds will be used to pay off Voxtur's outstanding debt owed to Bank of Montreal.

The company's shares were last seen unchanged at $0.085 on the TSX Venture Exchange.