HAMILTON, Ontario, May 21, 2021 (GLOBE NEWSWIRE) -- Ackroo Inc. (the “Company” or “Ackroo”) (TSX-V: AKR) (OTC: AKRFF), a loyalty marketing, payments and point-of-sale technology and services provider, is pleased to announce that its wholly-owned subsidiary, Ackroo Canada Inc., has signed a definitive asset purchase agreement to acquire all of the assets of InterActive DMS (“IDMS”). IDMS provides cloud-based and on-premise dealer management software and web solutions to independent car dealers across the United States. The solutions are used by over 150 dealers and adds to Ackroo’s total automotive customer base across AckrooMKTG, AckrooPAY and AckrooPOS to over 750 clients in this vertical. The transaction represents Ackroo’s eleventh acquisition to date and the Company’s first point-of-sale software purchase in the automotive sector.
Total consideration for the acquisition is $900,000, which will be satisfied through a cash payment of $600,000 on closing and an additional $300,000 less any working capital adjustments due within 90 days. The transaction is expected to close on May 31st, 2021. The Company is at arms-length from the Vendor, and no finders’ fees or commissions will be paid in connection with completion of the acquisition.
“Further expanding our AckrooPOS solution set is a key priority for our business,” commented Steve Levely, CEO of Ackroo. “As we continue to consolidate vendors for our clients, expanding the operational tools we have available to complement our marketing and payment solutions is a must. Similar to our first step into point-of-sale last fall with the acquisition of GGGolf, we have strategically acquired another powerful niche solution - this time in automotive. This is an area where we have had great success in loyalty and payments. We intend to cross sell these solutions and expand our wallet share across our customer base in Canada as well as our newly acquired customers in the US as part of this transaction. We are excited to be deepening our expertise in automotive and strategically expanding to the US.”
About InterActive DMS
InterActive DMS provides fast, user friendly software for used car dealers, motorcycle dealers, boat dealers and finance companies that manage all aspects of inventory, sales processing, forms printing, collections, custom management reports and electronic document scanning and storage. The company has been providing software technologies for independent dealerships since 1991, covering 46 different states across the US. For more information, visit: www.interactivedms.com.
About Ackroo
Through vendor and industry consolidation, Ackroo provides marketing, payment and point-of-sale solutions for merchants of all sizes. Ackroo’s self-serve, data driven, cloud-based marketing platform helps merchants in-store and online process and manage loyalty, gift card and promotional transactions at the point-of-sale in order to attract, engage and grow their customers while increasing their revenues and margins. Ackroo’s payment services provide merchants with low-cost payment processing options through some of the world’s largest payment technology and service providers. Ackroo’s hybrid management and point-of-sale solutions help manage and optimize the general operations for niche industries, including golf clubs, automotive dealers and more. All solutions are focused on helping to consolidate, simplify and improve the merchant marketing, payments and point-of-sale ecosystem for their clients. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com.
For further information, please contact:
| Steve Levely Chief Executive Officer | Ackroo Tel: 416-360-5619 x730 Email: slevely@ackroo.com |
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The Company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the Company’s ability to raise enough capital to support the Company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; changes in the Company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.