- Fobi AI (FOBI) has entered into a non-binding LOI to acquire 100 per cent of the shares of Passworks
- Passworks’ Tier-1 clients include luxury fashion leader Hugo Boss, global coupon giant Catalina and media giant Wunderman Thompson UK
- The share purchase agreement is expected to be completed by late December or early January of 2022
- Passworks is a mobile wallet marketing platform
- Fobi is a cutting-edge data intelligence company
- Fobi AI Shares (FOBI) opened trading at C$1.22 per share
Fobi AI (FOBI) has entered into a non-binding LOI to acquire Passworks, a leading European digital wallet and mobile marketing company.
Passworks’ Tier-1 clients include luxury fashion leader Hugo Boss, global coupon giant Catalina and media giant Wunderman Thompson UK.
The share purchase agreement is expected to be completed by late December or early January of 2022. The exact terms of the acquisition are still being negotiated.
This LOI to acquire Passworks represents the third wallet pass acquisition for Fobi in 2021 and is another step towards achieving the company’s goal of becoming a global leader in the Wallet pass industry. As part of the acquisition of Passworks, Fobi will immediately benefit in terms of its global scale and footprint as Passworks have issued passes across 5 continents.
Passworks is a mobile wallet marketing platform that allows brands to create, manage and distribute content in the form of a mobile coupon, store card, membership, loyalty card, or boarding passes via the major mobile wallet platforms.
Gaining access to Passworks clients will enable Fobi to cross-sell and upsell other Fobi solutions, which Fobi management expects to generate additional revenue for the company.
Passworks CEO Francisco Belo commented on the opportunity to join forces with Fobi.
“We believe that joining Fobi is the right step for Passworks to continue growing and be part of a larger Wallet pass solution. The combination of the two technologies will create synergies, drive growth and allow us to offer Passworks and Fobi customers a much stronger and complementary offer.”
Rob Anson, Fobi CEO added,
“Acquiring Passworks will not only enable us to further accelerate our business strategy as we consolidate the wallet pass industry, but it will also provide us with direct and immediate access to very valuable customers, with additional operational capacity and provide further immediate revenue. This strategic acquisition of Passworks represents another key step for us in terms of achieving our goal of becoming a global mobile Wallet pass leader.”
The completion of the transaction is subject to satisfactory due diligence by both parties, completion of definitive agreements and exchange approval.
Fobi is a cutting-edge data intelligence company that helps clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits.
