Welcome to our dedicated page for ACKROO news (Ticker: AKRFF), a resource for investors and traders seeking the latest updates and insights on ACKROO stock.
Ackroo Inc. (OTC: AKRFF) is a Canadian-based company that specializes in providing gift card and loyalty processing solutions. Utilizing a SaaS-based business model, Ackroo offers automated solutions for both in-store and online environments. Their platform enables small to medium-sized businesses to process gift card and loyalty transactions at the point of sale, while also offering essential administrative and marketing data. This empowers merchants to attract, retain, and grow their customer base efficiently.
Headquartered in Hamilton, Ontario, Ackroo’s unique platform simplifies the marketing and payments ecosystem for various industries, including automotive dealerships and convenience stores. The company operates a self-serve, data-driven, cloud-based marketing platform to manage loyalty, gift card, and promotional transactions. Ackroo’s acquisition strategy focuses on consolidating and integrating gift card, loyalty marketing, payment, and point-of-sale solutions to provide comprehensive services to merchants of all sizes.
In recent news, Ackroo has made significant strides with the acquisition of Simpliconnect, a US-based loyalty marketing provider. This acquisition has not only streamlined operations but has also contributed positively to the company's financial performance. Ackroo reported a 16% profit margin from the Simpliconnect acquisition and expects to generate a 60%+ profit margin moving forward.
Additionally, Ackroo has shown strong financial health with a 23% year-over-year growth in adjusted EBITDA and an 11% increase in total annual revenue for 2023. These figures underscore Ackroo’s ability to optimize its operations and maintain profitability.
The company is also actively seeking a new Chief Financial Officer to further enhance its corporate governance and meet TSX Venture Exchange requirements. Ackroo remains focused on expanding its market presence, improving its core technology platform, and driving long-term shareholder value. For more information, visit www.ackroo.com.
Ackroo Inc. announced the sale of GGGolf, its golf course management solution, to a Quebec-based investment group. The transaction involves an upfront payment of $1,200,000 and an additional $50,000 monthly for eight months, totaling $1,600,000. The new entity, named GGGolf Technologies Inc., aims to provide comprehensive club management software. This divestiture allows Ackroo to focus on its core business of loyalty marketing and payment solutions, while strengthening its financial position.
Ackroo has announced a definitive agreement to divest all assets associated with GGGolf to a Quebec-based investment group, effective March 31, 2023. The transaction will total $1,600,000, comprising $1,200,000 in cash at closing and $400,000 distributed over eight months. The move aims to refocus Ackroo on its core business following disappointing strategic outcomes from the GGGolf acquisition. CEO Steve Levely highlighted the necessity of this divestiture to better support their marketing and payment solutions. The investment group acquiring GGGolf includes current GGGolf affiliates, ensuring a smooth transition for clients.
Ackroo Inc. reported a 7% year-over-year (YoY) growth in annual recurring revenue and a 5% increase in total revenue for 2022, totaling $6,265,332. The company's recurring revenue reached $5,350,380. Ackroo achieved its fifth consecutive positive adjusted EBITDA year and reduced its debt by nearly $1 million, decreasing its debt to EBITDA ratio below 3:1. Additionally, the company completed its 12th acquisition and emphasized ongoing strategic focus on cash generation and operational optimization. Although one-time revenues declined, recurring revenue saw growth, positioning Ackroo for future success in 2023.
Ackroo has successfully completed its second US acquisition, acquiring Simpliconnect, a SaaS provider specializing in client engagement for small to medium convenience stores and petroleum chains. This deal adds over 60 clients and 350 locations to Ackroo's portfolio. The acquisition involved a payment of $750,000 USD at closing, issuance of 5.625 million shares, and additional cash payments of $125,000 USD for six months starting July 1, 2023. Both companies’ executives expect significant synergies and growth potential from this integration.
Ackroo has signed a definitive agreement to acquire the assets of Simpliconnect, a US loyalty provider, for US$2 million. The deal, effective January 1, 2023, includes cash payments of US$750,000 at closing and additional installments of US$125,000 for six months. Simpliconnect has over 60 clients generating approximately US$1 million in annual revenue. CEO Steve Levely expressed enthusiasm for the synergy in enhancing client services and expanding into the US market.
Ackroo Inc. reported an 8% year-to-date revenue growth and an impressive 275% year-to-date adjusted EBITDA growth for the nine months ending September 30, 2022. Total revenue reached $4,668,402, while subscription revenue rose 11% to $4,034,077. Adjusted EBITDA accounted for 19% of total revenue, up from 5% the previous year. The company reduced debt by $664,726 and locked in a 7.5% interest rate on debt agreements. The focus remains on earnings to enhance the balance sheet and fund future acquisitions.
Ackroo Inc. has announced the beta launch of the MarketingHub, an enhanced communication and analytics tool within its Ackroo Anywhere platform. This tool enables clients to communicate with targeted customer segments via email, text, and push notifications. The phased rollout will start with email communication this quarter, adding text and push notifications over time, with a full release planned for Q1 2023. CEO Steve Levely expressed excitement about this development, which aims to improve loyalty program strategies for merchants.
Ackroo Inc. (TSX-V: AKR, OTC: AKRFF) announced that all nominees for the board of directors were elected during the annual general meeting held on October 6, 2022. Over 97% of the shares voted supported the nominees, including Steve Levely and Sam Cole. Additionally, shareholders approved the re-appointment of MNP as the auditor and ratified the company's incentive stock option plan. The meeting underscores strong shareholder support and stability for the company.
FAQ
What is the current stock price of ACKROO (AKRFF)?
What is the market cap of ACKROO (AKRFF)?
What services does Ackroo Inc. offer?
Where is Ackroo Inc. headquartered?
What are some recent achievements of Ackroo Inc.?
How does Ackroo’s platform benefit merchants?
What industries does Ackroo Inc. serve?
What is Ackroo’s business model?
Has Ackroo made any recent acquisitions?
What is Ackroo’s financial performance like?
Is Ackroo looking to fill any key positions?
Where can I find more information about Ackroo?
