Ackroo adds technology and expertise to assist the Company's e-commerce and mobile strategy
OTTAWA, Feb. 23, 2016 /CNW/ - Ackroo Inc. (TSXV: AKR) (OTC: AKRFF) (the "Company"), a gift card, loyalty and rewards technology and services provider, is pleased to announce the acquisition of OnTab, an e-commerce and mobile payments software platform. Under the terms of the acquisition, Ackroo has acquired OnTab's Processor Agnostic Payment Gateway ("PAPG") and Mobile On-boarding of Offline Customer ("MOOC") solutions. In consideration for these assets, Ackroo will enter into a consulting agreement with Behzad Malek, founder of OnTab, pursuant to which Mr. Malek will be retained to assist with the integration of the assets within the Company's existing offerings.
OnTab's PAPG will augment Ackroo's e-commerce payment processing options for merchants, specifically for the Company's e-gift card and PhotoGIFTCARD offerings. As a result, merchants will find Ackroo's solutions easier to adopt and more attractive to utilize. The MOOC solution will facilitate Ackroo's development of a white-label mobile application, providing merchants with an alternative to physical and virtual cards.
"The acquisition of OnTab is very timely for Ackroo as we look to take significant steps forward in both e-commerce and mobile" commented Steve Levely, chief executive officer at Ackroo. "The e-gift card segment continues to grow and with the addition of our PhotoGIFTCARD acquisition last year we have a great combined solution to deploy to the market. Loyalty is demanding the evolution to mobile application interfaces as well so we believe that by integrating OnTab's products into our offering and utilizing the founders expertise in these area's we will deliver the markets best e-gift and white label mobile application solution."
"The face of payments in retail is rapidly changing, but the backend for processing payments has remained the same," stated Behzad Malek, Founder of OnTab. "OnTab's PAPG is agnostic to the merchant's payment processor, allowing merchants to use an electronic payment/gifting solutions without having to switch their processor. This is especially beneficial to solution providers, such as Ackroo, which work with a large network of merchants utilizing different processors. Using PAPG, Ackroo will be able to work seamlessly with the merchant's existing e-commerce payment processor and scale much faster. As merchant's move towards omni-channel solutions, the MOOC solution is a great mobile enhancement for Ackroo as well. Under Steve's leadership, I believe our PAPG and MOOC solutions will be a great compliment to Ackroo's strategy in creating the best gift and loyalty solution. I am very excited to be working with Ackroo in transferring these technologies and helping build an outstanding solution for retail merchants."
Ackroo provides gift card and loyalty solutions into the $160 billion North American gift card and loyalty market. Their solutions enable businesses, merchants and business networks to increase profitability and build long-term customer relationships through customized gift card and loyalty programs. Ackroo's web-based solutions provide the power of a massively scalable software platform in a lightweight online tool that works with existing point-of-sale equipment, making it easy and affordable for businesses to launch gift card & loyalty programs that deliver immediate return on investment. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company's ability to raise enough capital to support the company's go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company's strategy; government regulations and approvals; changes in customers' budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Ackroo Inc.
For further information: Steve Levely, Chief Executive Officer | Ackroo, Tel: 613-599-2396 x730, Email: email@example.com