What is going on with FOBIF?
Fobi Ai Inc. (FOBIF) stock rose today after the company announced that it has entered into an agreement to acquire the online coupon and advertising platform of Qples Inc, for a total price of approximately $3.2 million, plus up to an additional $1 million earn-out.
Fobi Ai provides real-time data analytics through artificial intelligence. Shares of FOBIF increased 14.64% to $2.74 as of Monday at 9:31 am.
What does this mean for Fobi Ai?
The acquisition of Qples is a milestone in Fobi’s strategy to connect Consumer Packaged Good (CPG) brands and retailers, as well as become a leader in key verticals such as Grocery and Convenience.
Qples has relationships with the world’s leading CPG brands and will be integrated with the new AI Digital Standard for coupons, which was created by the non-profit, The Coupon Bureau, to create universal, single-use coupons validated in real-time.
Fobi SVP of Corporate Strategy & Corporate Development Richard Lee commented, “The acquisition of Qples brings additional capabilities that interface with our current suite of services and strengthens our position to help connect the CPG and retail industry. This purchase is in line with Fobi’s corporate strategy of acquiring companies that provide complementary services and a scalable business model, and we plan to expand Qples’ services to new markets immediately.”
Qples is expected to generate approximately $1,000,000 in revenues for 2021 and $2,000,00 for 2022.
Loop Insights is a Vancouver-based technology company that has developed a proprietary platform that harnesses the power of AI to deliver retail insights to brands and brick and mortar businesses. The company’s IoT device, Fobi, provides retailers the ability to leverage their sales data and make data-driven decisions in real-time while also delivering new direct-marketing opportunities to brands.
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