Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc. said it has entered into a non-binding letter of intent (LOI) to acquire 100% of the shares of Portugal-based Passworks, a leading European digital wallet and mobile marketing company with Tier-1 clients such as luxury fashion leader Hugo Boss, global coupon giant Catalina and media giant Wunderman Thompson UK.
Fobi, which provides real-time data analytics through artificial intelligence, said the LOI to acquire Passworks represents its third Wallet pass acquisition for 2021 and is another solid step towards achieving the company’s goal of becoming a global leader and solidifying a dominant position in the Wallet pass industry.
The company added that it will immediately benefit in terms of its global scale and footprint as Passworks has issued passes across five continents.
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“Acquiring Passworks will not only enable us to further accelerate our business strategy as we consolidate the wallet pass industry, but it will also provide us with direct and immediate access to very valuable customers, with additional operational capacity and provide further immediate revenue,” Fobi CEO Rob Anson said in a statement.
“This strategic acquisition of Passworks represents another key step for us in terms of achieving our goal of becoming a global mobile Wallet pass leader,” he added.
Passworks is a mobile wallet marketing platform that allows brands to create, manage and distribute content in the form of a mobile coupon, store card, membership, loyalty card, or boarding passes via the major mobile wallet platforms, such as Apple Wallet, Google Pay or Android Wallet Apps such as PassWallet, which Fobi recently acquired.
Fobi noted that the increased digital channel demand continues and has attracted highly influential global brands and advertising companies to convert to data-driven marketing tools due to the metrics around engagement and sales impact that digital can measure for campaigns.
In addition to the monthly run-rate revenue Passworks’ clients deliver, Fobi said gaining access to the clients will enable it to cross-sell and upsell other Fobi solutions, which management expects to generate additional revenue for the company.
Passworks CEO Francisco Belo commented: "We believe that joining Fobi is the right step for Passworks to continue growing and be part of a larger Wallet pass solution. The combination of the two technologies will create synergies, drive growth and allow us to offer Passworks and Fobi customers a much stronger and complementary offer."
Fobi said the acquisition will be a share purchase agreement and is expected to be completed by late December 2021 or early January 2022, subject to the customary due diligence and exchange approvals. The exact terms of the acquisition are still being negotiated, it added.
Vancouver, British Columbia-based 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.
Fobi's unique IoT (Internet of Things) device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for its global clients.
Fobi 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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