- Under the terms of the acquisition, Ackroo acquired all customer contracts and related IP of Simpliconnect, adding over 60 clients and 350 locations
- To acquire Simpliconnect, Ackroo paid US$750,000, issued 5,625,000 common shares and will make a further six monthly cash payments of $125,000 from July 1st
- Through vendor and industry consolidation, Ackroo provides marketing, payment and point-of-sale solutions for merchants of all sizes
- Ackroo Inc. was unchanged at $0.045 at 11:24 AM ET
Ackroo (AKR) has completed the acquisition of the Simpliconnect business through its wholly-owned subsidiary, Ackroo Canada Inc.
Simpliconnect is a US-based SaaS provider focused on driving client engagement for small to medium-sized convenience stores and petroleum chains, specifically focused on chains with 2-100 sites/locations.
Under the terms of the acquisition, Ackroo acquired all customer contracts and related IPs of Simpliconnect, adding over 60 clients and 350 locations.
To acquire Simpliconnect, Ackroo paid US$750,000 on closing, issued 5,625,000 common shares and will make a further six monthly cash payments of $125,000 commencing on July 1st,2023.
The company is at arms-length from Simpliconnect, and no finders’ fees or commissions were paid in connection with the completion of the acquisition. All common shares issued to Simpliconnect are subject to a four-month and 1 day statutory hold period.
“We are really looking forward to integrating the Simpliconnect business in order to better optimize and expand Ackroo’s organic business,” said Steve Levely, CEO of Ackroo.
“While inorganic growth still remains the main growth driver for Ackroo, we in tandem, are looking to improve our organic business,” he added.
“The Simpliconnect team and myself are excited to be joining forces with Ackroo to offer our clients an expanded array of products and services to meet their growing needs,” noted Brent Harms, Founder and CEO of Simpliconnect.
Through vendor and industry consolidation, Ackroo provides marketing, payment and point-of-sale solutions for merchants of all sizes.
Ackroo Inc. was unchanged at $0.045 at 11:24 AM ET.
