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."
About Ackroo
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.
