FOBI Completes Final Stage of Passcreator Acquisition With Full Integration and Anticipates Record Growth in Revenue for Passcreator in Q3 & Q4
Fobi AI Inc. has successfully completed the acquisition of Passcreator, integrating its operations to enhance customer engagement through advanced data analytics. The integration allows access to a client base that includes major global companies, facilitating expansion into the North American mobile wallet market. The launch of the Smart Scan App will further validate Wallet passes, supporting increased revenue potential. Passcreator is expected to see significant revenue growth in Q3 and Q4, leveraging a strong pipeline and new business opportunities.
- Successful acquisition of Passcreator enhances market presence.
- Launch of Smart Scan App to improve customer engagement.
- Expansion into North American market with strong pipeline of opportunities.
- Anticipated revenue growth in Q3 and Q4 with existing client contracts.
- None.
Passcreator, used by some of the largest European companies in the world, including 3 of the 10 largest global car companies such as BMW and 3 of the largest 10 global insurance companies, has now been fully integrated into Fobi, who are ready to capitalize on the Global Wallet pass Market
VANCOUVER, British Columbia., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. (formerly Loop Insights Inc.) (TSXV: FOBI) (OTCQB: FOBIF) (the "Company" or "Fobi"), a global leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement is pleased to announce that Fobi has now completed the final phase in the acquisition of Passcreator, with the integration of the Passcreator website at www.passcreator.com into the Fobi website at passcreator.fobi.ai.
Fobi is also pleased to announce the release of its new Smart Scan App which will be used by Passcreator and Fobi customers to validate Wallet passes in addition to the utilization of Fobi’s proprietary Smart Tap devices (which use NFC) to validate the Wallet passes at events, venues and other locations.
PASSCREATOR ACQUISITION NOW COMPLETE, NEW GLOBAL SALES AND MARKETING ASSETS LAUNCHED THROUGH DIRECT AND INDIRECT SALES CHANNELS
Passcreator is used by some of the largest companies in the world and has customers in 42 countries around the world, including 3 of the 10 largest global car companies such as BMW and 3 of the largest insurance companies in the world. Passcreator has over 6,000 active campaigns and issued over 14 million Wallet passes in 2020. With numbers like these in Europe accounting for
According to a recent report by Graphicalresearch.com, the European mobile wallet market was reported to be worth
PASSCREATOR ANTICIPATES RECORD GROWTH IN REVENUES IN Q3 & Q4
With a stacked pipeline Passcreator anticipates further growth in regards to contracts and expected revenues in Q3 and Q4 as Passcreator has now expanded and currently has customers in 42 countries around the world. There are additional large deals with these customers, as well as with 3 of the largest insurance companies in the world that are being negotiated right now for Q3 & Q4. The acquisition of Passcreator is already paying off with significant recurring revenue, as well as the commencement of negotiations with several of its largest Wallet pass customers and prospects to implement a fully integrated solution including Fobi’s proprietary IoT device.
Fobi CEO Rob Anson stated: “As a result of the final completion of the Passcreator acquisition and integration and with today’s launch of our new smart scan app, Fobi is now positioned as one of the leading edge global mobile wallet companies. We look forward to delivering a fully integrated product offering to new as well as existing clientele of both Passcreator and Fobi.”
This Press Release Is Available on the Fobi Website and the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement.
About Fobi
Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi's unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.
.
For more information, please contact:
| Fobi AI Inc. | Fobi Website: www.fobi.ai | |
| Rob Anson, CEO | Facebook: @ Fobiinc | |
| T : +1 877-754-5336 Ext. 3 | Twitter: @ Fobi_inc | |
| E: ir@fobi.ai | LinkedIn: @ Fobiinc |
Forward-Looking Statements/Information:
This news release contains certain statements which constitute forward-looking statements or information. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, and competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. There can be no assurance that the Company will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FAQ
What is the significance of Fobi's acquisition of Passcreator?
How many countries does Passcreator operate in?
What new technology has Fobi launched following the acquisition?
What are the projected growth figures for the mobile wallet market?
When does Fobi expect revenue growth from Passcreator?
