Ottawa-based Ackroo (TSX-V: AKR), which runs a web-based loyalty platform for retailers, says it’s buying the assets of Quebec-based Orbo Rewards.
The LoyalInt/Fidelint software and hardware platform, as well as the related customer contracts, represent $15,000 in recurring monthly revenue, additional one-time revenue and 138 total locations, according to Ackroo.
CEO Steve Levely said the purchase will help the local firm expand into Quebec.
"The company has been challenged to enter the Quebec market in a significant way as our competitors have dominated this region in the past. With the cost to develop business in this region continuing to increase, growing through acquisition was the logical choice,” Mr. Levely said in a statement.
Terms of the deal, which is still subject to the approval of the TSX Venture Exchange, were not disclosed.
The acquisition is the latest pickup for Ackroo, which purchased Toronto-based D1 Mobile’s mobility pay and loyalty platform in March. That deal came a month after it bought the software platform of another Toronto firm, OnTab.
Ackroo has narrowed its losses in recent quarters amid cost-cutting efforts and large increases in revenue.