Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc has announced that it intends to acquire new intellectual property (IP) and assets related to the market-leading retail price comparison app and shopper intelligence platform Basket, which will allow the company to enter a new era of personalized marketing at scale.
The company said in a statement that it has entered into an arm’s length letter of intent (LOI) with Virginia-based technology company Grocery Shopping Labs Inc through a wholly owned subsidiary, which proposes the company acquire certain IP property and assets owned by the vendor related to Basket.
Fobi said that it anticipated the synergies between Basket and Qples by Fobi Grocery Coupon Network and growth in the overall network would drive increased advertising revenue and higher average revenue per use with coupons and promotions.
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“Basket is already working with Tier 1 consumer packaged goods (CPG) brands and retailers to provide shopper insights which will help Fobi better target these brands with the complete suite of Fobi offerings, including wallet passes,” the company said.
Fobi CEO Rob Anson said, in addition to raising the bar in terms of shopper and CPG manufacturer expectations, the deal would immediately grow the company’s revenue streams, addressable audience, and the amount of shopper data it has access to.
“Our combined AI and Big Data capabilities will now enable a new era of personalized marketing at scale with unprecedented data analytics and valuable insights as to campaign performance and measurement for the retail ecosystem,” Anson said.
He also noted that the acquisition was well timed as, due to current inflation facing North American households, there has been a significant increase in demand for activation programs from both top CPG manufacturers and consumers looking to save money on their purchases.
Grocery Shopping Labs CEO Neil Kataria said he was excited about the partnership, which would transform the grocery business with pricing visibility and shopper data.
“Basket has always been about taking the blindfold off shoppers to help them save money and time, and simultaneously providing shopper insights to some of the top CPG brands, and retailers,” Kataria said.
The transaction is subject to several conditions and is expected to be completed by late May or early June 2022.
Fobi AI is a cutting-edge data intelligence company that helps its clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits.
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