Ackroo signs definitive agreement to acquire all of the assets of US loyalty provider Simpliconnect

Ackroo Inc., 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.

Marketing Technology News: Making the Most of a Security Breach

“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.

Marketing Technology News: MarTech Interview With Alex Song, CEO and Founder at Proxima