MONTREAL, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Stingray’s commercial services division, Stingray Business, is poised to expand its activities with the acquisition of Chatter Research Inc., a Toronto-based leader in the design, development, and implementation of AI driven real-time customer feedback solutions for retail and hospitality businesses.
Founded in 2016, Chatter has designed, developed and deployed its own proprietary customer research and real-time feedback platform powered by AI and big data. The company’s combination of free-text chats and machine learning captures unique customer insights and allows business owners to improve customer satisfaction and drive sales. Chatter serves clients in a range of industries including finance, retail, and restaurants and major brands such as Lush, Fanatics and Purdys Chocolatier.
This strategic acquisition supports Stingray’s business plan and growth strategy by offering Stingray Business customers a “one-stop” shop for background music, digital signage and - now -customer insights. Under the terms of the acquisition agreement, Stingray will fully own and operate Chatter with the continued direction of the company’s current leadership team.
Quotes:
“Improving the in-store customer experience at every level is at the core of Stingray Business’ mission,” explained Eric Boyko, President, Co-founder, and CEO of Stingray. “The acquisition of Chatter adds an important building block to our offering while adding more big brands in business to our client portfolio. I look forward to working with our existing and new clients who will benefit from unique customer insights and real-time feedback that Chatter makes available to its customer base. I am confident that with the continued support of Chatter’s leadership team, we will reaffirm Stingray Business as the leading provider of state-of-the-art digital media solutions and customer feedback.”
“Joining the Stingray family is a great step forward for Chatter,” said Simon Foster, Founder and CEO, of Chatter. “Stingray’s broad customer base and proven expertise in commercial background music and digital signage combined with proprietary AI driven platform and big data bode very well for the future of our combined business. Our shared mission to improve the customer experience in all commercial and retail settings, make this joining of forces a perfect match.”
About Stingray
Montreal-based Stingray (TSX: RAY.A; RAY.B) is a leading music, media, and technology company with over 1,200 employees worldwide. Stingray is a premium provider of curated direct-to-consumer and B2B services, including audio television channels, 101 radio stations, SVOD content, 4K UHD television channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded 150 million times. Stingray reaches 400 million subscribers (or users) in 156 countries.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form for the year ended March 31, 2019, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
For more information, please contact:
Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray
1 514-664-1244, ext. 2362
mpeloquin@stingray.com
