Ackroo Inc., 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.
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“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.”
SOURCE: GlobeNewswire