Ackroo expands their AckrooPOS business and deepens industry expertise in automotive
Ackroo Inc. (the “Company” or “Ackroo”) (TSX-V: AKR) (OTC: AKRFF), a loyalty marketing, payments and point-of-sale technology and services provider, is pleased to announce that its wholly-owned subsidiary, Ackroo Canada Inc., has signed a definitive asset purchase agreement to acquire all of the assets of InterActive DMS (“IDMS”). IDMS provides cloud-based and on-premise dealer management software and web solutions to independent car dealers across the United States. The solutions are used by over 150 dealers and adds to Ackroo’s total automotive customer base across AckrooMKTG, AckrooPAY and AckrooPOS to over 750 clients in this vertical. The transaction represents Ackroo’s eleventh acquisition to date and the Company’s first point-of-sale software purchase in the automotive sector.
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Total consideration for the acquisition is $900,000, which will be satisfied through a cash payment of $600,000 on closing and an additional $300,000 less any working capital adjustments due within 90 days. The transaction is expected to close on May 31st, 2021. The Company is at arms-length from the Vendor, and no finders’ fees or commissions will be paid in connection with completion of the acquisition.
“Further expanding our AckrooPOS solution set is a key priority for our business,” commented Steve Levely, CEO of Ackroo. “As we continue to consolidate vendors for our clients, expanding the operational tools we have available to complement our marketing and payment solutions is a must. Similar to our first step into point-of-sale last fall with the acquisition of GGGolf, we have strategically acquired another powerful niche solution – this time in automotive. This is an area where we have had great success in loyalty and payments. We intend to cross sell these solutions and expand our wallet share across our customer base in Canada as well as our newly acquired customers in the US as part of this transaction. We are excited to be deepening our expertise in automotive and strategically expanding to the US.”
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