Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc has completed its acquisition of Passworks SA, a digital wallet and mobile marketing company in Europe.
The company has major international clients, including luxury fashion retailer Hugo Boss, coupon firm Catalina Marketing Corporation and digital advertising company Publicis.
“We at Passworks are 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,” Passworks CEO Francisco Belo said in a statement. “The synergies of the two companies will definitely strengthen Fobi’s position as a leader in the mobile wallet space.”
The total purchase price for Passworks’ target shares was €500,000 (US$547160), which Fobi paid by issuing 1.6 million common shares at a price of $0.44.
"The acquisition of Passworks will give us further scale and strengthen our position as a global wallet pass leader,” Fobi CEO Rob Anson said. “This strategic acquisition 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.”
Fobi is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations.
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