Digital transformation innovator Fobi AI enters an asset purchase agreement to acquire Wallet-Com, a top Spanish digital wallet agency, solidifying its position as a global leader.

Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB), a pioneer in AI and data intelligence for digital transformation, proudly announces its asset purchase agreement with Wallet Communication SL, a distinguished Spanish digital wallet agency. This strategic acquisition positions Fobi to amplify its technological offerings and consulting services, enriching its already robust suite.

Unlocking Innovative Synergies:

The deal represents more than a business move. Wallet-Com serves a clientele of over 200 global customers, including renowned brands such as Lacoste, Hyundai, and McDonald’s. The agency's expertise spans the domains of mobile and digital marketing, loyalty programs, customer relationship management, and data management, igniting Fobi's potential to lead in these arenas.

Revenue Potential:

This agreement will foster the development of a service offering atop Fobi’s cutting-edge technology. This expansion will encompass comprehensive consulting services and intensive mobile marketing know-how. Over the next three years, the company anticipates generating a potential $1.1 million CAD in revenue with a remarkable 90% profit margin. This includes setup fees and monthly fees tied to 10 million active users per month during the 36-month agreement term.

Strategic Collaboration:

The acquisition seals the relationship between Fobi and Wallet-Com, whose recent collaboration led to the successful launch of a smart transportation and cities initiative for the Vélez-Málaga City Council. This step solidifies Fobi's role as a technology innovator and reinforces its commitment to enabling digital transformation worldwide.

Accelerating Growth:

Rob Anson, CEO of Fobi AI, expressed his enthusiasm, stating, “This agreement with Wallet-Com not only marks Fobi’s fifth wallet pass acquisition but also the strategic acquisition of a leading digital wallet agency that will help reinforce Fobi’s strength and scale as a global wallet pass leader. With the relationship we’ve already built together, I am confident that the integration of Wallet-Com will result in prompt growth and added value to the Fobi brand."

Market Visibility:

In conjunction with this remarkable development, Fobi has appointed Paradox Public Relations Inc., a veteran boutique investor relations consultancy. Paradox will focus on enhancing Fobi’s communications and visibility within the investment community, fortifying the company's market presence.

This strategic acquisition signifies Fobi's unwavering commitment to innovating technology and delivering excellence, elevating the digital transformation landscape globally.

Read Release: https://investors.fobi.ai/pr/fobi-enters-into-definitive-agreement-to-acquire-wallet-com