Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc said, further to its previous announcement, it has entered into a revised definitive share purchase agreement with vendor Francisco Fiúza Da Silva Beirâo Belo to acquire Passworks SA, a leading European digital wallet and mobile marketing company.
“The acquisition of Passworks, our fourth wallet pass acquisition, will give us further scale and strengthen our position as a global wallet pass leader,” commented Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) CEO Rob Anson.
“It also gives us access to a number of key Tier 1 customers and agency relationships, which will help drive immediate revenue and strengthen our brand.”
READ: Fobi AI wins three-year contract with Canada’s premier golf and real estate company Predator Ridge
Passworks' notable clients include luxury fashion retailer Hugo Boss, global coupon giant Catalina Marketing Corporation, and digital advertising leader Publicis, Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) said.
Passworks CEO Francisco Belo added that Passworks was very happy to join Fobi and be part of a larger organization with a clear focus on mobile wallet solutions, together with data and digital transformation.
“The synergies of the two companies will definitely strengthen Fobi’s position as a leader in the mobile wallet space,” Belo said.
Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) said that the aggregate share price for the target shares will be €500,000, payable by the issuance of that number of shares of the company.
In addition, Fobi has agreed to pay the vendor an additional €50,000, payable in shares of the company, should certain conditions be met within a year of the closing date of the transaction.
There are no finder’s feeds payable pursuant to the transaction, Fobi AI noted.
Full transaction details can be found here.
Founded in 2017 in Vancouver, Canada, Fobi is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie