Ackroo completes acquisition of Simpliconnect
04 January 2023 - 12:00AM
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty
marketing, payments and point-of-sale technology and services
provider, through its' wholly-owned subsidiary Ackroo Canada Inc.,
is pleased to announce that it has completed the acquisition of the
Simpliconnect business. 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. Under the terms of the
acquisition, Ackroo acquired all customer contracts and related IP
of Simpliconnect adding over 60 clients and 350 locations. In
consideration for the acquisition, the Company has paid $750,000
USD on closing, has issued 5,625,000 common shares and will make a
further six monthly cash payments of $125,000 USD commencing on
July 1st 2023. The Company is at arms-length from Simpliconnect,
and no finders’ fees or commissions were paid in connection with
completion of the acquisition. All common shares issued to
Simpliconnect are subject to a 4 month and 1 day statutory hold
period.
“We are really looking forward to integrating
the Simpliconnect business in order to better optimize and expand
Ackroo’s organic business,” commented Steve Levely, CEO of Ackroo.
“While inorganic growth still remains the main growth driver for
Ackroo we in tandem are looking to improve our organic business.
Simpliconnect has done a great job growing their business
throughout the US where we expect integrating our tech and teams
together will result in even greater combined success for our
company and our respective clients.”
“The Simpliconnect team and myself are excited
to be joining forces with Ackroo to offer our clients an expanded
array of products and services to meet their growing needs,”
commented Brent Harms, Founder and CEO of Simpliconnect. “From the
beginning of our discussions we knew teaming up with Ackroo would
be a great fit for us. We expect great combined success in the
years ahead.”
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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