Skyfii (ASX:SKF) is expanding its global presence with the acquisition of key assets from Wicoms Wireless, including a portfolio of revenue generating customers across Europe and North America.
Wicoms is a provider of guest wifi services and user analytics to the retail sector, with a portfolio of customers including a group of designer outlet malls operating across nine countries.
The acquisition will enable Skyfii to upsell its data analytics and marketing services to Wicoms’ existing retail mall customers.
This includes a new multi-year revenue deal with a large format designer outlet mall operator which is in advanced stages of negotiation.
Successful conclusion of negotiations will see Skyfii deploy its services across an initial 23 designer outlet malls, with a potential to expand to a further seven malls.
Skyfii and Wicoms have agreed a transition plan and have already commenced a process to migrate and upgrade existing Wicoms customers to the Skyfii platform.
The transaction will be completed using an all-scrip consideration of 3.8 million Skyfii shares issued at $0.065 per share (valued at $247,000).
Skyfii’s cash receipts from customers for the quarter ended 30 June 2017 was $1.2 million, up 47% on the previous quarter.
Importantly, significant revenue receipts were also generated from Data Consulting services (DCS), a new and growing revenue channel.