Ackroo (TSX-V:AKR), a local gift card and loyalty program technology firm, says it’s purchasing the assets of a Toronto-area business that will extend the reach of the Ottawa company into more than 2,400 new locations across North America.
The transaction will see Ackroo acquire M3 Rebel’s gift card and loyalty processing solution, KESM/LoyalMark. Terms were not disclosed.
Ackroo CEO Steve Levely said the deal will almost double his firm’s recurring revenues.
OBJ360 (Sponsored)
Last month Ottawa Salus launched “Opening Doors to Dignity,” a $5-million campaign to construct a 54-unit independent living building on Capilano Drive. Set to open in late 2025, this innovative
World Junior Championships set to boost Ottawa’s economy and global reputation
The World Junior Championships will kick off in Ottawa in December, bringing tens of millions of dollars of economic activity to the city, as well as a chance for local
“The addition of M3 Rebel’s KESM/LoyalMark business is a huge step forward for the company,” he said in a statement. “Most importantly, we add a significant amount of attributable margin that not only covers our current debt obligation but once normalized pushes the company into profitability.”
Ackroo sells cloud-based gift card and loyalty platforms to retail and hospitality customers. Its software-as-a-service business model generates monthly recurring revenues as well as one-time installation and service fees.
It’s been expanding through acquisitions in recent years and made three acquisitions in 2016, including a Quebec-based competitor and two Toronto-based firms.
In August, Ackroo released its second-quarter results that included revenues climbing 17 per cent to $651,606 and a net loss of nearly $107,000.
