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Reklaim Ltd. (MYIDF) is a leading platform that enables consumers to access, edit, and monetize their data directly with brands. Founded by Neil Sweeney, the company focuses on privacy-compliant data solutions, zero-party data, consumer empowerment, and compensation for data sharing.
The company recently achieved full-year profitability for Fiscal 2023 and Q4-2023, marking significant growth and operational success. With a strong financial performance, Reklaim is poised for sustained growth, innovation, and market leadership in 2024.
Reklaim provides a platform where consumers can view and control the data collected about them without explicit consent. They aim to give consumers ownership over their personal information and offer compensation through a Reklaim account.
Reklaim (MYIDF) reported impressive Q3-2022 results, with revenue soaring 217% year-over-year to $1,642,380. Customer purchases of data increased 87%, contributing to a gross margin of 17%, up 142% from Q3-2021. The company also achieved a 90% recurring revenue rate for 2022 year-to-date. Overall, total revenue for FY2022 is projected to be 189% higher than in 2021. CEO Neil Sweeney emphasized the company's readiness to capitalize on privacy regulations, suggesting strong growth potential ahead.
Reklaim (MYIDF) has entered a non-binding letter of intent to acquire Multimedia Lists, Inc., a cash flow-positive data broker. The acquisition is expected to immediately double Reklaim's monthly revenue upon completion. The deal is contingent on due diligence, a definitive agreement, and approval from the TSX Venture Exchange. Reklaim aims to structure the transaction based on MML's EBITDA, including a performance earn-out over four years. This acquisition aligns with Reklaim's strategy to enhance services amidst evolving privacy legislation.
Reklaim (OTCQB: MYIDF) plans to explore strategic M&A opportunities with data partners facing compliance challenges due to evolving privacy laws like GDPR and CCPA. With over 500 data brokers in California potentially suffering revenue declines, Reklaim offers a solution by ensuring consumer consent for data sales. The company aims to target these firms to enhance its revenue and cash flow, as the data privacy landscape shifts towards consumer protection.
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