Loop Insights Inc. , a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement and automated venue tracing to the brick and mortar space, is pleased to announce the signing of a Letter Of Intent (“LOI”) to acquire Passcreator, a leading European digital wallet and mobile marketing company with Tier-1 clients such as Mercedes-Benz and BMW. The acquisition is expected to be completed by late January or early February 2021, subject to customary due diligence and Exchange approvals.
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Acquisition of Passcreator to Provide Loop with Complete Control Over its Digital Wallet Pass Technology In Anticipation of Upcoming Business Developments
Loop commenced its technology partnership with Passcreator early in 2020 to provide Loop with the support necessary to deliver on its anticipated first-stage developments in the sports venue, hospitality, travel, and health industries. To this end, on December 29, 2020, Loop Insights announced its most successful year in Company history, including partnerships with major telecom companies TELUS and NTT DATA.
The Passcreator mobile wallet pass is built on Android and iOS Wallet pass technology. By acquiring Passcreator, Loop will vertically integrate its Wallet pass capabilities, as well as, gain access to Passcreator’s clients such as BMW and Mercedes Benz.
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Loop Insights CEO, Rob Anson stated, “In our December 29th review I stated that Loop was very confident that significant developments would be announced in 2021 when our partners and customers returned from their holiday breaks. With the first week of January behind us, we have good reason to believe in the potential for significant developments in the UK and Europe, so the time was right to now acquire Passcreator, secure our core technology, and bring this great team into the Loop family.”
Passcreator CEO, Mario C.G. Juhnke stated, “We believe that the merging of two very proven technology companies will greatly accelerate further development and synergistic growth. Furthermore, the bridging of the markets of both Loop and Passcreator will serve to improve market resiliency and bolster confidence in the future.”
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