- Fobi (FOBI) has signed a letter of intent (LOI) with Grocery Shopping Labs to acquire Basket, a retail price comparison app
- The company believes the acquisition will help to increase advertising revenue through coupons and promotions
- The parties expect to finalize a definitive agreement by late May or early June 2022
- Fobi AI is a data intelligence company that turns real-time data into actionable insights and personalized customer engagement
- Fobi Stock (FOBI) is down by 3.7 per cent trading at $0.52 per share
Fobi (FOBI) has signed an LOI to acquire Basket, a retail price comparison app.
The company entered into the agreement with Grocery Shopping Labs, a Virginia-based technology company, which operates the app.
Basket leverages billions of records and millions of shopper interactions to provide shopper insights across local and online retailers.
The app currently services tier 1 consumer packaged goods brands and retailers and comes with numerous revenue-generating data monetization contracts.
Fobi believes the acquisition will drive increased advertising revenue and higher average revenue per user through coupons and promotions.
The companies expect to finalize a definitive agreement by late May or early June 2022.
“Together with Fobi we can significantly grow our audience, delivering more value for shoppers and more value for the CPG brands we work with,” stated Neil Kataria, Grocery Shopping Labs’ CEO. “I’m excited by the opportunity we have together with Fobi to transform the grocery business with pricing visibility and shopper data, but I’m also excited about taking this transformation to other industries next.”
“As a result of this acquisition, we have now raised the bar in terms of shopper and CPG manufacturer expectations as we now possess the dynamic ability to provide shoppers with the best price in their local market along with further enhanced value by providing manufacturer offers and promotions,” added Rob Anson, Fobi’s CEO. “Our combined AI and big data capabilities will now enable a new era of personalized marketing at scale with unprecedented data analytics.”
Fobi AI is a data intelligence company that turns real-time data into actionable insights and personalized customer engagement.