Marble Financial Inc. (CSE:MRBL, OTC:MRBLF) said its wholly-owned subsidiary Accumulate.AI Software Ltd has closed the acquisition of certain assets comprising the Autocarz technology of eBunch Data & Development Ltd.
A subsidiary of Foundation Automotive Corp, eBunch is a digital marketing firm that specializes in generating more qualified leads per dollar spent for retailers.
Under the terms of the definitive agreement, Marble said Accumulate.AI acquired the Autocarz technology assets relating to eBunch’s inventory management system for auto dealerships and related assets for consideration of up to C$550,000.
READ: Marble Financial offers update on binding letter of intent to acquire eBunch Data and Development
The purchase price comprised a cash payment of $125,000 on closing, and an earn-out of up to $425,000 equal to 33-1/3% of the net income of the acquired business realized during the eight successive quarterly financial reporting period following the closing date.
Marble said it will combine Autocarz's online lead generation technology and their team with MyMarble's financial wellness engagement platform and Inverite's open banking income verification service to offer businesses across Canada a full-scale revenue-generating ecosystem to optimize their marketing budgets.
Accumulate.AI will provide Marble with a new revenue stream by delivering high-quality cost-per-lead programs for partners while utilizing Marble's technology to automatically nurture unqualified prospects to become qualified consumers who are more likely to purchase in the future, the company said.
Marble CEO Karim Nanji said the transaction empowers Marble with the ability to enter new markets while also providing existing partners with an opportunity to optimize their marketing spend towards higher return on investment.
“Coupled with Marble's proprietary financial wellness technology platform, we will not only be able to help our partners acquire new customers but also, partners will be able to re-acquire customers that they were not able to monetize previously," Nanji said.
Marble's head of marketing Rich Elliott added: “We're excited because Accumulate.AI offers our partners the opportunity to pull ahead of their competition by improving customers' digital experiences through artificial intelligence while sticking to our mission of nourishing the confidence people need to redefine their finances more broadly."
Grant of stock options
The company also announced that it has granted an aggregate of 2 million stock options under its stock option plan.
Marble said 1 million stock options were granted to independent directors and have a term of five years and vest in equal one-quarter amounts on the date of grant and each of the first year, second year, and third year anniversaries from the date of grant.
The remaining 1 million stock options have been granted to the CEO for a term of five years. For each $100,000 in positive earnings before interest, taxes, depreciation, and amortization (EBITDA) growth compared to the previous financial quarter, commencing October 1, 2022, and on a go-forward basis until December 31, 2023, 200,000 stock options will vest.
Marble's proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path toward financial wellbeing and a meaningful credit score.
Contact the author at emily.jarvie@proactiveinvestors.com
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