- Fobi (FOBI) has signed a definitive agreement to acquire Passworks S.A. for EU$400,000
- Passworks is a European digital wallet and mobile marketing company
- The acquisition increases Fobi’s share of the trillion-dollar global wallet pass market
- Fobi AI is a data intelligence company that turns real-time data into actionable insights and personalized customer engagement
- Fobi Shares (FOBI) is unchanged trading at $1.24 per share
Fobi (FOBI) has signed a definitive agreement to acquire Passworks S.A. for EU$400,000.
Passworks is a European digital wallet and mobile marketing company with clients such as Hugo Boss, Catalina Marketing and Wunderman Thompson U.K.
The company will issue shares as consideration.
It will pay an additional EU$100,000 in shares upon the achievement of certain revenue targets before the first anniversary of the closing date.
It will also lend Passworks the aggregate amount of EU$230,000 in cash to acquire full interest and title to the company prior to the closing of the transaction.
The acquisition – Fobi’s fourth in the wallet pass space in less than one year – increases its share in a market, which, according to Allied Market Research, is set to grow from US$1.04 trillion in 2019 to US$7.6 trillion in 2027.
“The acquisition of Passworks will further position us as a global wallet pass leader and gives us access to a number of key tier 1 customers which will help drive immediate revenue and strengthen our brand,” stated Rob Anson, Fobi’s CEO.
Fobi AI is a data intelligence company that turns real-time data into actionable insights and personalized customer engagement.