Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc., a provider of real-time data analytics through artificial intelligence, said it has completed its acquisition of the PassWallet application and related assets from Quicket GmbH.
The company noted that there has been a significant increase in downloads of the PassWallet app, to 7.28 million from 6 million since its last report on October 7, with the biggest gains coming from Europe including Spain, Germany, the UK, Romania and Bulgaria.
Due to the rising demand for contactless, cashless and mobile-first transactions, Fobi said the mobile wallet market is expanding rapidly. A recent Imarc report forecasts the market will grow at a compound annual growth rate (CAGR) of 20% from 2021 to 2026, it added.
READ: Fobi acquires PassWallet, a leading Android wallet pass issuer with more than six million downloads
“The mobile wallet provides a convenient, secure way to streamline operations and deliver enhanced levels of personalized engagement directly to users, and even to their mobile phone’s lock screen,” CEO Rob Anson said in a statement.
“As a result, the dynamic functionality of the wallet is transforming our daily lives, and we are very optimistic as to continued growth in both downloads and monthly users,” he added.
PassWallet is the first app specializing in enabling Android users to store, organize and update wallet passes.
The app can service all types of passes, including boarding passes, transport cards, passes to the movies, theatres, concerts, museums, festivals, theme parks or stadiums, loyalty cards, vouchers and discount coupons in many stores, hotels and car reservations and more.
Under the terms of the transaction, Fobi paid an aggregate of €888,000 to the vendor for the assets, including €355,200 in cash and €532,800 in stock.
Fobi is a cutting-edge data intelligence company that helps its clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Its unique Internet of things (IoT) device can integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for its global clients.
The company partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.
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