AKRFF - Ackroo Completes Acquisition of GiftFly's eGift Card Business | Benzinga
HAMILTON, Ontario, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Ackroo Inc. (TSXV:AKR, OTC:AKRFF) (the "Company"), a loyalty marketing, payments and point-of-sale technology and services provider, through its' wholly-owned subsidiary Ackroo U.S. Inc., is pleased to announce that it has completed the acquisition of the GiftFly business from GiftFly LLC (the "Vendor"). GiftFly is an international payments company based in the U.S. with an eGift card product for small to medium sized merchants. Under the terms of the acquisition, Ackroo acquired all customer contracts and related IP of GiftFly's digital gifting business adding over 4,000 merchant locations to Ackroo.
In consideration for the acquisition, the Company has paid $350,000 USD on closing, and will make a further four monthly cash payments of $100,000 USD commencing on January 5th, 2024 with the fourth and final payment subject to adjustment based on revenue achieved from the GiftFly gift card business. The Company is at arms-length from the Vendor, and no finders' fees or commissions were paid in connection with completion of the acquisition.
"We are eager to integrate and optimize the GiftFly eGift card business in order to continue our merchant and product expansion plans," commented Steve Levely, CEO of Ackroo. "Our inorganic business helps drive not only increased revenues and merchants to support, it also helps push our product forward with every deal that we do. We look forward to working with the GiftFly team to transition the various assets over and we are eager ...