Ackroo to acquire Simpliconnect
13 December 2022 - 12:00AM
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 December 9, 2022, with
Simpliconnect, Inc. (“Simpliconnect”). Simpliconnect is a US based
SaaS provider focused on driving client engagement for small to
medium sized convenience store and petroleum chains, specifically
focused on chains with 2-100 sites/locations. Simpliconnect
currently has more than 60 clients across over 350 locations
generating approximately $1,000,000 USD in annual revenues. The
transaction represents Ackroo’s twelfth acquisition to date and is
expected to close on January 1st, 2023.
“We are thrilled to be adding Simpliconnect’s
customers, technology and team to Ackroo,” commented Steve Levely,
CEO of Ackroo. “As we continue to focus on consolidating our
industry further expansion into our AckrooMKTG business, especially
in markets like the United States, are key parts of our strategic
plans. Their focus on 2 – 100 locations merchants in segments like
convenience and petroleum are sweet spots for Ackroo making it a
great client match for us. Their platform being strong in areas
like mobile, their rules engine and various integrations will help
advance Ackroo’s technology while Ackroo’s self-serve program
console, reporting engine and feature set including gift card and
promo’s will be a great enhancement for Simpliconnect merchants. We
will also be adding talent through the acquisition as the owner
Brent will be joining Ackroo to lead our US sales efforts while
other key staff will integrate and help advance Ackroo in other
areas. Simpliconnect also leverages outsourced engineering teams to
help advance their technology which is one of the strategic plans
for Ackroo to explore in 2023. It is for all of these reasons and
more that I am really excited to integrate and expand our business
together.”
Total consideration for the acquisition will be
(US)$2,000,000, which will be satisfied through the issuance of
5,625,000 common shares, issuable at a deemed price of C$0.12 per
share, along with a cash payment of (US)$750,000 on closing and a
further six monthly cash payments of (US)$125,000 commencing on
July 1, 2023. The Company is at arms-length from Simpliconnect, and
no finders’ fees or commissions will be paid in connection with
completion of the acquisition. All common shares issued
to Simpliconnect will be subject to statutory resale restrictions
in accordance with applicable securities laws. Completion of the
acquisition remains subject to the satisfaction of customary
closing conditions, including the approval of the TSX Venture
Exchange.
About Simpliconnect
Founded in 2019, Simpliconnect is located in
Bloomington, Minnesota and services convenience store and petroleum
brands across 35+ states across the United States. The company is a
SaaS provider focused on driving client engagement for small to
medium sized merchants, specifically focusing on chains with 2-100
sites/locations. Simpliconnect offers a powerful and customizable
loyalty management system, including mobile apps for their
merchants. For more information, visit: www.simpliconnect.com.
About Ackroo
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 solutions help manage and
optimize the general operations for niche industry’s including golf
clubs, automotive dealers and more. 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:
Steve LevelyChief Executive Officer | AckrooTel:
416-360-5619 x730Email: slevely@ackroo.com |
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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 StatementsThis
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.
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