Fobi Announces Definitive Agreement To Acquire Qples Online Coupon And Advertising Platform For $3,200,000 To Deliver Global CPG Generated Coupons. 2022 Revenue Expected To Exceed $2,000,000 Prior To Fobi Impact.
Qples Provides End-to-End Solution To Capitalize on $225 Billion Coupon Industry Rapidly Moving From 90%+ Paper To Digital AI 8112 Coupons Distributed By The World’s Biggest Brands And Validated In Real-Time Through The Coupon Bureau.
Fobi AI Inc, a global leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, is pleased to announce that it has entered into an asset purchase agreement (the “APA”) to acquire certain specific assets and liabilities from Qples, Inc. (“Qples”), to be effected together with a wholly owned subsidiary of the Company (the “Acquisition”) for total consideration of approximately US$3.2 million, plus up to an additional US$1 million earn out.
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Qples is a key player in the Coupon Industry with relationships to the world’s leading Consumer Packaged Good (“CPG”) brands and full support of the new AI (8112) Digital Standard for coupons, which will immediately be integrated into both Fobi’s Connected Retail Commerce Solution (“FCRS”) and Fobi Data Exchange (“FDX”) announced earlier this month.
Qples is a cash flow positive business that is expected to generate approximately US$1,000,000 in revenues for 2021 and US$2,000,00 for 2022, prior to any impact from this Acquisition.
The acquisition of Qples is an important step in Fobi’s strategy to connect CPG brands and retailers, as well as, become leaders in key retail verticals such as Grocery and Convenience.
Fobi CEO, Rob Anson stated, “In our July 2021 review I stated that Fobi was very confident that significant developments would take place shortly which would see Fobi grow by several magnitudes through 2021 and into 2022. With some significant revenue deals already announced this quarter and, more importantly, a major expansion in our sales pipeline now taking place, we have good reason to believe in the potential for significant developments in North America and around the world. As such, our Qples acquisition is perfect in terms of both timing and fit with Fobi’s technology to close on upcoming major developments. Moreover, I expect Qples itself to contribute significant revenue to Fobi in 2021 and well beyond.”
$3,200,000 ACQUISITION OF QPLES TO PROVIDE FOBI WITH COMPLETE CONTROL OVER CONNECTED RETAIL COMMERCE SOLUTION IN ANTICIPATION OF UPCOMING MAJOR BUSINESS DEVELOPMENTS
Qples is a next generation provider of digital coupons and the first coupon provider to sign on to The Coupon Bureau’s universal digital coupon AI 8112 project. Qples recently announced the launch of the Grocery Coupon Network mobile application, the first IOS and Android app to allow consumers to discover, save and redeem both print@home and universal digital coupons in one place.
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As a result, for the first time, global CPG brands are able to deliver manufacturer-level digital coupons into any digital platform and track the performance via detailed data and analytics. Through its proprietary coupon delivery platform, Qples provides a disruptive and cost-effective way for brands and businesses to accurately market to consumers across social, local, and mobile channels.
With this acquisition, Fobi is taking its technology stack to the next level by both incorporating the Qples team and taking full control of its coupon platform in anticipation of Fobi’s next stage of significantly larger business developments from Fobi’s FCRS announced earlier this month. Specifically, significant interest from the Grocery space dictates that Fobi secures and directly manages the further development of Qples’ coupon platform.
Qples President, Eddie Watson stated, “We believe that the merging of two very proven technology companies will greatly accelerate further development and synergistic growth. Furthermore, the bridging of the markets of both Fobi and Qples will open up new doors and business opportunities for Fobi in the CPG and Retail areas.”
RICHARD LEE DELIVERS FIRST ACQUISITION WITH QPLES AND ANTICIPATES FURTHER STRATEGIC M&A ACTIVITY
On June 8, 2021, Fobi appointed former NielsenIQ VP of Strategic Alliances North America, Richard Lee, as SVP of Strategy & Corporate Development to help refine Fobi’s focus and further define our roadmap for mergers and acquisitions. This appointment was preceded by NielsenIQ and Fobi announcing a “Strategic Alliance to Transform the Retail Sector.” This acquisition forms an important part of the foundation that will help achieve that transformational goal.
With his deep knowledge of the market research and data & analytics industry, Richard will continue to work with Senior Management and focus on further M&A opportunities. His background at NielsenIQ is key for executing on Fobi’s Retail strategy focused on Grocery, Convenience and Pharmacy, all of which represent legacy industries with hundreds of billions of CPG dollars flowing into them in search of better and faster ways to engage retail customers. Qples gives Fobi the activation capabilities to immediately go after these verticals at scale.
Fobi SVP of Corporate Strategy & Corporate Development Richard Lee states,
“The acquisition of Qples brings additional capabilities that interface with our current suite of services and strengthens our position to help connect the CPG and retail industry. This purchase is in line with Fobi’s corporate strategy of acquiring companies that provide complementary services and a scalable business model, and we plan to expand Qples’ services to new markets immediately”.
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