Buddy Platform Ltd. (ASX:BUD) executed a letter of intent to acquire substantially all the assets of Noveda Technologies, Inc. for $30 million on May 17, 2016. The consideration to be paid may be in shares, cash or a combination thereof at election of Buddy capped at $30 million with $3 million to be paid at the closing. Apart from it Buddy also intends to pay three additional milestones payments at the first, second and third anniversary of the closing depending upon the revenue generated by the specified customers of Noveda. Key employees of Noveda will transfer to Buddy. The transaction is subject to due diligence and execution of legally binding agreement. As on May 20, 2016, Buddy Platform received in-principle advice from ASX that the acquisition of Noveda Technologies, does not require shareholder approval, does not require Buddy Platform to comply with ASX Listing Rule 11.1.3 and does not require Buddy to re-satisfy the conditions for admission under ASX Listing Rules. As of August 29, 2016, Buddy Platform completed, to its satisfaction, its due diligence investigations on both Noveda and Zentri and is close to finalizing a notice of meeting to obtain the requisite approvals for the acquisition. A shareholders meeting is scheduled to be held on October 14, 2016. As on June 2016, the due diligence is complete. The terms of the acquisition has been changed. The new consideration for the acquisition is $24 million. As per the new terms, Buddy Platform will pay $0.25 million in stock paid at closing. The remaining will be paid in three annual milestone payments based on the revenue. The milestone payments can be made in cash or stock. Buddy Platform also raised capital from investors to fund the acquisition. The earlier shareholder meeting on October 14, 2016 is adjourned and re-scheduled on October 21,2016 so as to approve the transaction to discuss the agenda regarding the amendment of initial consideration from $250,000 (payable at the Buddy Platform's election in cash, shares or a combination thereof) to 15.57 million Shares. Buddy Platform Ltd. (ASX:BUD) cancelled the acquisition of substantially all the assets of Noveda Technologies, Inc. on January 11, 2017.