Last session, the loyalty marketing, payments, and point-of-sale technology and services provider, Ackroo Inc (OTCPink: AKRFF) was trading at $0.2290 after seeing a price increase of 14.61%, bringing the company’s market capitalization to $25.17M.
Against a previous closing price of $0.1998, Ackroo stock opened the trading at $0.2290 which remained unchanged throughout the session. AKRFF stock has been rising due to an acquisition deal.
What was that deal about?
Providing marketing, payment and point-of-sale solutions for merchants of all sizes, Ackroo consolidates vendors and industries. AKRFF’s self-serve, data-driven, cloud-based marketing platform enables merchants to manage loyalty programs, gift cards, and promotions in-store and online to increase customer loyalty and customer engagement, as well as revenue and margin. Merchants can take advantage of AKRFF’s payment processing options to deal with some of the world’s largest payment technology and service providers at low cost.
It has recently been announced that Ackroo Canada, Inc., a wholly-owned subsidiary of AKRFF, has signed a definitive asset purchase contract to acquire InterActive DMS (“IDMS”).
- Independent car dealers across the U.S. rely on IDMS for their management and web solutions.
- AckrooMKTG, AckrooPAY and AckrooPOS have a total of over 750 clients in this segment and are used by over 150 dealers.
- In this deal, Ackroo acquired its eleventh acquisition and its first purchase of automotive point-of-sale software.
How will the transaction be executed?
- There is a total consideration of $900,000 for AKRFF’s this acquisition.
- In order to close the transaction effectively, AKRFF will pay $600,000 at close of the deal and an additional $300,000 less any working capital adjustments will become due 90 days later.
- AKRFF expects the transaction to be completing on May 31st, 2021.
- With regards to the acquisition, Ackroo (AKRFF) has a neutral relationship with the Vendor; resultantly it will not cost AKRFF any finders’ fees or commissions.