Ackroo adds technology and expands merchant footprint with acquisition
OTTAWA, March 15, 2016 /CNW/ - Ackroo Inc. (TSXV: AKR); (OTC: AKRFF) (the "Company"), a gift card, loyalty and rewards technology and services provider, and D1 Mobile, a leading digital agency specializing in innovative mobile experiences that connect brands with their customer, are pleased to announce that the two companies have reached an agreement for Ackroo to acquire the assets of D1 Mobile which pertain to mobile payment and loyalty. Under the terms of the acquisition, Ackroo will acquire (i) D1 Mobile's Appetite® Mobile Pay and Loyalty platform and (ii) D1 Mobile's customer base of 281 locations. In consideration for these assets, Ackroo will issue 500,000 common shares and will pay a performance-based cash bonus to D1 Mobile during the first 24 months following the acquisition.
"The acquisition of D1 Mobile's Appetite® platform and customer base is an exciting advancement for Ackroo," commented Steve Levely, Chief Executive Officer of Ackroo. "As the Company continues to pursue consolidation in a crowded gift card and rewards landscape, opportunities to acquire businesses or assets like the D1 Mobile Appetite® platform and their merchants, helps position Ackroo for even greater success and scale. Strategically, the Company plans to further develop the mobile aspect of its offering as the demand for our products to evolve in this direction grows daily. Daniel and the team at D1 Mobile have done an amazing job developing their technology and growing a customer base that we strongly believe will facilitate Ackroo's next phase of growth. We look forward to working with the D1 Mobile team and the great brands they have supported. "
Daniel Ezer, President & Founder of D1 Mobile stated "We are excited about the opportunity to combine our Appetite® platform with Ackroo's existing infrastructure. We are confident that our existing client base will gain tremendous value from the breadth of additional services that Ackroo offers. Likewise Ackroo's current customer base will benefit from the new mobile infrastructure that Appetite® brings. We are excited to join Ackroo's very competent management team and believe the acquisition will prove to be a win for all parties involved."
The acquisition, and the share issuance contemplated therein, remain subject to the final approval of the TSX Venture Exchange. All shares issued in connection with the acquisition will be subject to a statutory hold period expiring four months and one day after issuance.
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.
About D1 Mobile
Established in 2011, D1 Mobile has been providing strategic advisory services and implementing digital solutions which connect brands with their customers. In 2012, D1 Mobile incubated and launched its proprietary mobile payment, rewards and engagement platform, Appetite®. The Appetite® platform empowered franchisors and retail chains with in-store mobile payment and loyalty solutions, and instantaneous engagement and data aggregation tools. For more information, visit www.d1mobile.com or www.appetiteapp.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 protected]