Ackroo Announces 23% Year over Year Revenue Growth for 2017
OTTAWA, ON–(Marketwired – January 15, 2018) – Ackroo Inc. (TSX VENTURE: AKR) (OTC PINK: AKRFF), a gift card, loyalty and rewards technology and services provider, is pleased to report unaudited record revenues of $2,746,654 for the year ended 2017. This represents a 23% increase over the previous year and a 5 year cumulative average growth rate of 35% per year since the Company’s founding in 2012. The Company also increased the locations supported on its platforms to more than 4,000 by year’s end making further progress in reaching their goal of 10,000 + locations and $10 million of revenue, including $7 million of ARR, by 2022.
“The Company’s continued organic growth and ability to consolidate with our year end acquisition further validates our growth strategy,” said Steve Levely, chief executive officer of Ackroo. “We focused the bulk of 2017 on fully integrating our past acquisitions while continuing to drive organic growth through our channels and cross selling/upselling our customer base. We added several advancements to our platform to better support key segments for Ackroo like automotive and hospitality. Advancements, which include various point of sale integrations to help increase our addressable market, provide improved operational experience for our merchants while also driving additional product based point of sale data for Ackroo and our merchants. We released the first version of our business intelligence and marketing automation tools which will leverage this data to drive better insights and results for our merchants. We also refocused on the ecommerce aspect of our offering adding more personalization and payment options for our e-gift merchants while building enhancements for other cardholder applications. We then finished the year with the closing of our largest acquisition to date of KESM/LoyalMark. The acquisition not only added key talent, a substantial amount of large and small merchants in Canada and the US, but also will add close to $2 million of annual revenue to Ackroo in 2018 onwards and will push the Company into profitability in the process. A transformational change that has the Company poised for great success in 2018 and beyond.”
The Company cautions that figures for revenue have not been audited. Actual results may differ materially from those reported in this release once these figures have been audited. The Company expects to complete its 2017 audit in April to confirm revenue figures, along with other financial results.
Ackroo provides gift card and loyalty processing solutions to help retail and hospitality merchants of all sizes attract, retain and grow their customers and their revenues. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card & loyalty transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
These forecasts and forward-looking statements are not guarantees of future performance and activities and are subject to risks and uncertainties. The company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the company’s ability to raise enough capital to support the company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the company operates; projected capital expenditures and liquidity; changes in the company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For information, please contact:
Chief Executive Officer
Tel: 613-599-2396 x730