Fobi secures agreement to acquire Passworks S.A

By Isabella Aslam

Real-time data analytics provider, Fobi, has announced its entrance into a share purchase agreement with Passworks to acquire the outstanding and issued shares of Passworks S.A; the European digital wallet and mobile marketing company.

Passworks S.A works with luxury international clients, such as Hugo Boss, Catalina Marketing Corporation and Wunderman Thompson UK.

Rob Anson, Fobi CEO, commented on the announcement, saying: "The acquisition of Passworks, our fourth wallet pass acquisition in the past year, will further position us as a global wallet pass leader and gives us access to a number of key Tier 1 customers which will help drive immediate revenue and strengthen our brand."

As the company expands its presence in the industry, the deal worth approximately €400,000 ($458,450) will secure Fobi's fourth wallet-based acquisition over the last year.

In addition, the company has agreed to pay an Earn-Out Share Value of a further €100,000 in common shares with the Initial Payment Shares (Consideration Shares).

The Company will lend the vendor €230,000, on the closing date, in cash, for the vendor to acquire full interest and title to the target shares prior to the transaction closure.

It has been another busy week for the gaming industry when it comes to agreements and acquisitions.

Across the globe, new contracts are being signed all the time; and especially so in the US, where they are being spurred on by the recent launch of mobile sports betting in the State of New York.

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