HAMILTON, Ontario, Dec. 01, 2023 (GLOBE NEWSWIRE) -- 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 U.S. Inc., is pleased to announce that it has completed the acquisition of the GiftFly business from GiftFly LLC (the "Vendor"). GiftFly is an international payments company based in the U.S. with an eGift card product for small to medium sized merchants. Under the terms of the acquisition, Ackroo acquired all customer contracts and related IP of GiftFly's digital gifting business adding over 4,000 merchant locations to Ackroo.
In consideration for the acquisition, the Company has paid $350,000 USD on closing, and will make a further four monthly cash payments of $100,000 USD commencing on January 5th, 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 the Vendor, and no finders' fees or commissions were paid in connection with completion of the acquisition.
"We are eager to integrate and optimize the GiftFly eGift card business in order to continue our merchant and product expansion plans," commented Steve Levely, CEO of Ackroo. "Our inorganic business helps drive not only increased revenues and merchants to support, it also helps push our product forward with every deal that we do. We look forward to working with the GiftFly team to transition the various assets over and we are eager to enhance our combined solution for both the GiftFly and Ackroo merchant base."
Cory Perkins, Founder and CEO of GiftFly commented, "As we look to put even more emphasis on our payments business transitioning our e-gift card business to Ackroo will allow us to re-invest into our new core focus. We think Ackroo was the best choice to sell the portfolio and related IP to as they are a market leader in the gift card and loyalty marketing space and have had plenty of experience integrating organizations like ours into theirs. We expect both organizations to have plenty of success beyond this transaction and look forward to assisting them with a smooth transition."
About GiftFly
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.
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 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:
Steve Levely
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
Email: slevely@ackroo.com
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.
