A recent acquisition bolstered year-end results for Ackroo, which in turn has led Ottawa’s loyalty program provider to set some lofty goals for the years ahead.
In unaudited financial results, Ackroo (TSX-V:AKR) says its revenues grew 23 per cent year-over-year to hit $2.75 million by the end of 2017. The Ottawa firm reported recently that it expects revenues to nearly double to $5 million in 2018.
Ackroo said this week it’s hoping to hit $10 million in annual revenues by 2022. The firm also says its gift card and loyalty program technology is now active in more than 4,000 locations, a number it hopes to raise to 10,000 over the same period.
Much of Ackroo’s recent growth has come from acquisitions. Last month, it closed a deal that would see it acquire assets from Toronto-based M3 Rebel, its fourth acquisition since 2016.
CEO Steve Levely said in a statement that the firm focused on integrating these acquisitions in 2017, as well as upselling existing customers and developing new business intelligence offerings.
At the close of its most recent quarter, Ackroo trimmed its operating costs through job cuts. In financial filings, the firm wrote that the reductions set Ackroo up to scale in 2018.
“The company now has a solid operational model and revenue run rate to maintain its operations and begin scaling in a material way. An exciting time for the company and for shareholders,” the report read.
Ackroo has had a rocky start to the year on the Canadian Venture Exchange. Shares of the firm have flirted with highs of 12 cents in the first few weeks of 2018 before dropping below nine cents in Thursday trading.