Ackroo Acquires InterActive DMS
May 21 2021 - 10:00AM
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
DMSInterActive 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 AckrooThrough 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 LevelyChief Executive Officer | AckrooTel:
416-360-5619 x730Email: 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 StatementsThis
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.
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