Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc said it has inked a two-year agreement with marketing solutions company Vericast for its coupon solutions.
In a statement, Fobi said that Vericast’s Universal Coupons are based on the new AI (8112) Universal Coupon standard developed by The Coupon Bureau. They will launch digitally, the company added.
Fobi told investors that it will generate revenue from the agreement through an initial setup and annual licensing as well as per campaign and per coupon fees.
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Vancouver-based Fobi previously acquired Qples and Passcreator to build a digital coupon and promotion ecosystem that will benefit consumer packaged goods (CPG) companies and retailers. The firm can create 8112 coupons and deliver them across multiple touchpoints such as Fobi's Wallet pass platform for mobile phones, in Apps such as the Grocery Coupon Network (GCN), and for print at home.
For Vericast, the agreement means it will now be able to execute Universal Digital Coupon campaigns, improving the customer experience and reducing coupon fraud, which it said costs retailers and CPGs between $300-$600 million annually. Vericast is the first marketing solutions company to launch a Universal Coupon solution with store-level redemption insights, precise consumer targeting, and scalable reach, enabling promotional strategies and distribution opportunities for brands and retailers through Vericast's national digital and print media solutions.
"Working with a leading global company of the size and stature of Vericast is not only a great honour but comes along with tremendous third-party validation as well, validating Fobi's vision and strategic positioning,” Fobi CEO Rob Anson said in a statement.
“We have positioned ourselves as a transformative gateway between the traditional models and practices of how the CPG and Retail industries operate today and enabling a seamless shift towards the next evolution of 8112 and digital transformation.”
Michelle Engle, chief product officer at Vericast, said that the group is “excited” about the opportunity to combine the two technologies, adding that the deal will “lead the way with a new digital coupon that drives revenue and sales for our customers”.
Fobi is a cutting-edge data intelligence company that helps clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits.
Contact Angela at angela@proactiveinvestors.com
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