Fobi Closes Acquisition of Passworks S.A. Vancouver, BC, April 19, 2023 (GLOBE NEWSWIRE) -- FOBI AI Inc. (TSXV: FOBI, OTCQB: FOBIF) (the "Company" or "FOBI"), an industry leader in harnessing AI and data intelligence to enable digital transformation, is pleased to announce that further to its press release dated February 27, 2023, the company has closed the transactions contemplated by the share purchase agreement (the “SPA”) with Francisco Fiza Da Silva Beiro Belo (the “Vendor”), pursuant to which the Company acquired all of the issued and outstanding shares (the “Target Shares”) of Passworks S.A. (the “Target”) from the Vendor (the “Transaction”). Passworks is a leading European digital wallet and mobile marketing company with international clients such as luxury fashion retailer Hugo Boss, global coupon giant Catalina Marketing Corporation, and digital advertising leader Publicis.
Francisco Belo, CEO of Passworks, states: “We at Passworks are very happy to join Fobi and be part of a larger organization with a clear focus on Mobile Wallet solutions, together with data and digital transformation. The synergies of the two companies will definitely strengthen Fobi’s position as a leader in the mobile wallet space.”
Rob Anson, CEO of Fobi, states: "The acquisition of Passworks will give us further scale and strengthen our position as a global wallet pass leader. This strategic acquisition also gives us access to a number of key Tier 1 customers and agency relationships, which will help drive immediate revenue and strengthen our brand.”
https://www.globenewswire.com/news-release/2023/04/19/2649998/0/en/Fobi-Closes-Acquisition-of-Passworks-S-A.html