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), formerly listed on the TSX Venture Exchange as AKR, generated a consistent stream of corporate news as a gift card, loyalty marketing, payments and point-of-sale technology consolidator and services provider. Its news flow covered strategic transactions, shareholder approvals, financing arrangements and operating performance, providing context for investors tracking the company’s evolution and eventual sale.
One major theme in Ackroo’s news was its go‑private transaction with Paystone Inc. The company announced the signing of a definitive arrangement agreement with Paystone, followed by updates on shareholder voting, court approvals and the final completion of the statutory plan of arrangement. These releases detailed how Paystone’s subsidiary Atom Growth Inc. acquired all Ackroo shares, assumed its assets and liabilities, and set the stage for delisting and ceasing to be a reporting issuer.
Ackroo’s news archive also includes quarterly financial results, where the company discussed recurring subscription revenue from its cloud-based marketing platform, adjusted EBITDA trends and its focus on earnings generation and operational efficiency. Additional releases describe the restructuring of a loan with BDC Capital and the implementation of a normal course issuer bid to repurchase and cancel common shares.
Visitors to this news page can review historical announcements related to Ackroo’s business performance, capital structure decisions, debt arrangements and the steps leading to its acquisition by Paystone. For anyone researching the AKRFF symbol, these articles provide a detailed record of how Ackroo positioned itself as an industry consolidator in gift card, loyalty marketing, payment and point-of-sale solutions and how that strategy culminated in the completed transaction with Paystone.
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.
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) has successfully paid off over $650,000 of debt during Q3 2022 from current cash flows, indicating a move towards a cash flow positive position. The company aims to reduce its debt-to-earnings ratio to below 3:1 while focusing on driving earnings growth. This debt repayment strategy is expected to save over $75,000 annually due to lower interest rates, which remain locked at 7.5%. CEO Steve Levely emphasized the importance of cash generation and a multi-tiered capital allocation plan for improved balance sheet management.
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) has announced its annual general and special meeting of shareholders set for October 6, 2022, at 2:00 p.m. ET. The hybrid meeting allows shareholders to participate via a live audio conference or in-person at Ackroo's head office. Management will discuss company operations and answer questions from attendees. Detailed information regarding the meeting will be provided in a management information circular sent to shareholders of record as of September 1, 2022, and accessible on SEDAR.
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) reported an 8% year-over-year revenue growth for Q2 2022, with total revenues reaching $1,583,497. The subscription revenue grew 8%, totaling $1,347,353. The company achieved a significant 594% increase in adjusted EBITDA to $312,307, representing 20% of total revenues. Year-to-date, revenues grew 14%, and subscription revenues increased 17%. Despite economic challenges, Ackroo expects to continue this positive trend as it streamlines operations to foster future growth.
Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) has appointed four new members to its Board of Directors, including Jeremy Jagt, Brad French, Jon Clare, and Philippe Bergeron-Belanger. Wayne O’Connell will step down to allow for these appointments. The new board members bring extensive experience in finance, M&A, and technology. CEO Steve Levely emphasized the importance of this reconstitution for Ackroo's future growth. Additionally, the company granted incentive stock options to purchase 1,000,000 common shares at $0.085, pending TSX Venture Exchange approval.
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