Just a reminder - Loop Insights (MTRX) has signed a letter of intent to acquire Passcreator, a European digital wallet and mobile marketing company
- The two companies entered a technology partnership last year, to help Loop deliver on its first-stage developments in various industries
- Through the acquisition, Loop Insights will take full control of and integrate its Passcreator’s wallet pass platform
- The company expects the acquisition to be completed by late January or early February 2021
- Loop Insights is down 0.56 per cent and is currently trading for $1.77 per share
Loop Insights (MTRX) has signed a letter of intent to acquire Passcreator, a European digital wallet and mobile marketing company.
This is not the first time that the two companies have associated with each other. Loop Insights and Passcreator entered into a technology partnership in early 2020, in order to support Loop as it worked to deliver on its first-stage developments in the sports venue, hospitality, travel, and health industries.
As a result of the collaboration, Loop Insights reported 2020 as its most successful year ever, characterised by partnerships with major telecom companies TELUS (T) and NTT DATA.
If the proposed acquisition goes ahead, Loop will take full control of Passcreator’s wallet pass platform and technology. The company will also incorporate the Passcreator team, in preparation for the next stage of Loop’s business developments.
The acquisition will allow Loop to respond to significant interest in the UK and European markets, and to gain access to Passcreators’ Tier-1 clients like BMW and Mercedes Benz.
Loop Insights’ CEO, Rob Anson, commented on the company’s prospective acquisition of Passcreator.
“In our December 29th review, I stated that Loop was very confident that significant developments would be announced in 2021 when our partners and customers returned from their holiday breaks,” he said.
“With the first week of January behind us, we have good reason to believe in the potential for significant developments in the UK and Europe, so the time was right to now acquire Passcreator, secure our core technology, and bring this great team into the Loop family,” he added.
The acquisition transaction is subject to various conditions, including the completion of definitive agreements. With that in mind, the company expects the acquisition of Passcreator to be completed by either late January or early February 2021.