Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc has announced a three-year exclusive data license agreement with Ideal POS Ltd, enabling access to all point of sale and transactional data from Ideal POS systems.
This data license, along with a previously announced deal with Barnet Technologies, helps solidify Fobi’s position as a leading data aggregator for the independent retail marketplace, the company said.
The companies’ integrated solution will introduce a digital member loyalty card based on Fobi’s PassPro platform that enables customers to download a wallet pass from Ideal POS retailers, providing access to loyalty points, stored value, e-gift cards or stamp card functionality. The wallet pass will allow for age verification, which is key in the hospitality industry, the company noted.
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Fobi and Ideal will each generate revenue from the agreement by selling quarterly and annual data licenses to various industry stakeholders through the Fobi Data Exchange (FDX).
“Given the shrinking margins in the retail business and the increase in inflation and prices, loyalty programs have become incredibly important for retailers,” Ideal POS CEO Gord Doerksen said in a statement. “Adding Fobi’s wallet pass to our solution, which enables much more sophisticated and targeted marketing capabilities, empowers the retailers even more and further strengthens Ideal POS’s position as a leader in the POS and loyalty space.”
Founded in 2000, Ideal POS is now the largest supplier of POS Systems in Manitoba, with clients across Canada and the US in myriad industries. Ideal POS’s customer list is diverse, the company said, but includes particular strength in liquor, grocery, convenience, retail and food service. Ideal POS also supports several pro sports teams and stadiums, which Fobi identified as a key focus of its own.
At the time of Barnet deal, Fobi CEO Rob Anson said the company had “successfully locked down the key BC and Alberta liquor retail marketplaces,” and was focused on expanding to the remaining provinces by the end of the year.
Today, Anson added an addendum: “As a result of successfully executing on our national data aggregation strategy, we have received great interest from numerous third-party data aggregators as well as liquor manufacturers.”
Along with the data license deal, the parties also announced a commercial reseller agreement, which will provide another channel for the resale of Fobi products.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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