- Loop Insights (MTRX) will acquire Passcreator, a digital wallet and mobile marketing company based in Munich, Germany
- Passcreator offers clients a SaaS solution for mobile marketing
- The company will pay US$2,000,000 for the acquisition
- Loop plans to vertically integrate Passcreator’s wallet pass capabilities, as well as gain access to its top clients like BMW and Mercedes Benz
- Loop Insights delivers automated marketing, contact tracing and contactless solutions to brands and brick and mortar businesses
- Loop Insights (MTRX) is down 0.70 per cent and is currently trading at C$1.41 per share
Loop Insights (MTRX) will acquire Passcreator, a digital wallet and mobile marketing company based in Munich, Germany.
Passcreator offers clients a SaaS solution for mobile marketing, whether for Android or iOS. Loop will pay US$2,000,000 for the acquisition consisting of US$123,000 in cash and 1,301,430 Loop common shares priced at US$1.13/C$1.42 per share totalling US$1,477,000.
Loop will also make secured limited recourse loans to certain former Passcreator shareholders in the amount of up to US$510,000.
The company will grant 1,000,000 incentive stock options to certain officers of Passcreator being retained on a going-forward basis.
Loop plans to vertically integrate Passcreator’s wallet pass capabilities, as well as gain access to its top tier global clients like BMW and Mercedes Benz.
Rob Anson, Loop Insights’ CEO, remarked,
“With the first quarter of 2021 now complete, with some major pilot tests announced and a major pipeline shaping up, we have good reason to believe in the potential for significant developments in the UK, Europe, and globally. As such, our Passcreator acquisition is perfect in terms of both timing and fit with Loop’s technology to close on upcoming major developments. Moreover, I expect Passcreator itself to contribute significant revenue to Loop in 2021 and well beyond.”
Mario C.G. Juhnke, Passcreator’s CEO, added,
“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.”
Loop Insights is a Vancouver-based technology company that delivers automated marketing, contact tracing and contactless solutions to brands and the brick and mortar space.
Loop Insights (MTRX) is down 0.70 per cent and is currently trading at C$1.41 per share as of 9:58 am ET.
