Wi-Fi Customer Engagement Meets NanoTech: mPhase Buys Out CloseComms Limited
SaaS-based Customer engagement platform CloseComms Limited is now part of mPhase Technologies. The Newport, UK-based Wi-fi tech company operated under the name “21:32”.
With immediate effect, mPhase has acquired the assets of CloseComms to extend its product offerings in the nano-tech sector. The timing of this acquisition is at the front end of a sales cycle that will give mPhase its second stream of high-quality recurring revenue. mPhase is expecting the acquisition will drive its currently projected annual sales forecast of $30 million.
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At the time of CloseComms’ acquisition, mPhase CEO Anshu Bhatnagar said,
“This (Wi-fi customer engagement) technology represents another step in our plan to add synergistic platform technologies with the common themes of recurring revenue, an AI element and open-ended growth potential.”
In the last few years, Nano Technologies have cut through the clutter in the emerging RETAIL tech industry, which includes rapidly rising AI and Machine Learning applications. Today, mPhase, together with21:32’s powerful Wi-fi technology aims to transform global and local businesses connect with, learn from, and engage customers beyond their four walls, while protecting the customers’ data and allowing them to remain anonymous.
CloseComms provided the patented software technology that can be integrated into a retailer’s existing Wi-Fi infrastructure. The unique customer engagement solution enables physical store retailers and grocery stores the power to leverage real-time customer data to build AI-enhanced, targeted promotions to drive store traffic and sales. The services made their entry into local restaurants and food joints, including the ones owned by Subway, McDonalds, and Nathans; along with NCR as a channel partner.
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“The strategic importance of this acquisition cannot be understated, particularly as it relates to the platform that we are developing in our Travel Buddhi division. CloseComms technology was the missing link in our ability to offer an end-to-end consumer engagement solution. Now, we have complementary AI-enhanced platforms that can connect consumers with products and services they desire at the right time and place, significantly increasing the potential for sales. We believe this will be a winning combination that will be highly attractive to many brands in the consumer space.”
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