HAMILTON, Ontario, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty marketing, payments and point-of-sale technology and services provider, is pleased to announce that it has signed a definitive asset purchase agreement, dated November 23rd, 2023, with GiftFly.com LLC (“GiftFly”). GiftFly is an international payments company based in the U.S. with an eGift card product for small to medium sized merchants. GiftFly has boarded over 18,000 merchants on their product since inception with over 4,000 active merchants across North America using the platform today. The transaction will almost double the number of locations Ackroo will support, represents Ackroo’s thirteenth acquisition to date, and is expected to close on November 30th, 2023.
“As we continue to refocus our acquisition strategy back into the loyalty marketing, gift card and payments space we are very excited to be adding the merchants and the supporting IP from GiftFly’s eGift card business,” commented Steve Levely, CEO of Ackroo. “One of the strengths of our core AckrooMKTG platform is our gift card offering so the opportunity to further enhance our platform with some of the unique features offered by GiftFly is an exciting and relatively simple advancement for Ackroo. We are also eager to continue to expand into the U.S. market which this acquisition affords. For the GiftFly merchants they will gain the many additional products and services Ackroo has in the loyalty marketing, gift card and payment space plus a much larger product and support team to better cater to their growing needs. Add in that we will effectively double the merchant locations we support, and this is a very exciting win for all involved.”
Total consideration for the acquisition will be (US)$750,000, which will be satisfied through a cash payment of (US)$350,000 on closing and a further four monthly cash payments of (US)$100,000 commencing on January 5, 2024 with the fourth and final payment subject to adjustment based on revenue achieved from the GiftFly gift card business. The Company is at arms-length from GiftFly, and no finders’ fees or commissions will be paid in connection with completion of the acquisition. Completion of the acquisition remains subject to the satisfaction of customary closing conditions.
Founded in 2011, GiftFly is an international digital payments company headquartered in New Canaan, Connecticut with operations in Europe and Asia. Their North American eGift card product provides business owners the ability to create, sell and market their own eGift cards, as well as track transactions in real-time! With thousands of merchants and growing, GiftFly merchants allow their shoppers to buy and send gift cards via email or text directly online. For more information, visit: www.giftfly.com.
Through vendor and industry consolidation, Ackroo provides marketing, payment and point-of-sale solutions for merchants of all sizes. Ackroo’s self-serve, data driven, cloud-based marketing platform helps merchants in-store and online process and manage loyalty, gift card and promotional transactions at the point of sale. Ackroo’s payment services provide merchants with low-cost payment processing options through some of the world’s largest payment technology and service providers. Ackroo’s hybrid management and point-of-sale solution helps manage and optimize the general operations for niche industry’s like used car and boat dealers. All solutions are focused on helping to consolidate, simplify and improve the merchant marketing, payments and point-of sale ecosystem for their clients. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com.
For further information, please contact:
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the 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.