GlobeNewswire JAN 21, 2021 08:00 AM EST
Ackroo achieves 8th consecutive growth year with 16% year over year growth in 2020
HAMILTON, Ontario, Jan. 21, 2021 (GLOBE NEWSWIRE) — Ackroo Inc. (the “Company” or “Ackroo”) (TSX-V: AKR) (OTC: AKRFF), a loyalty marketing, payments and point-of-sale technology and services provider, is pleased to report unaudited record revenues of $6,069,966 for the year ended 2020. This represents a 16% increase over the previous year and an 8-year cumulative average growth rate of 34% per year since the Company’s founding in 2012. The Company delivered $5,028,931 of annual recurring revenue and their third consecutive positive EBITDA year. Strategically, Ackroo also increased the Company’s cash position significantly, retired all debts owing to SOFII, and completed three accretive acquisitions in marketing, payments and point-of-sale. Despite the impact of COVID-19, the Company delivered strong results and is well positioned for continued growth in 2021.
“2020 was a challenging year but also a very pivotal one for the Company,” said Steve Levely, CEO of Ackroo. “COVID-19 brought both personal and business challenges. Moving to a fully remote office was a simple change for the company, however lots of internal collaboration and engagement was impacted. We also saw significant attrition, primarily in retail, with close to 10% of our customer locations needing to terminate. However, with challenges also came lots of opportunity as we saw a very high demand for Ackroo’s digital products and significant growth in our M&A funnel leading to three strategic acquisitions in 2020. Through these three acquisitions we now have three distinct business units with marketing, payments and point-of-sale for niche markets. We introduced a 6 th new board member to add M&A expertise into the Company while injecting $3,000,000 of capital to support short-term acquisition opportunities. We added more self-serve tools and insights for our customers in our core marketing platform while refining our cross-sell and upsell approach for our digital and payment solutions. We finished the year strong in Q4 with a record number of new organic clients signed and delivered record revenue. Thanks to continuous strong financial management we delivered our 3 rd consecutive earnings positive year while avoiding any layoffs and without any government assistance. Through the various challenges and opportunities the Ackroo team pivoted and built an even stronger foundation for the business than we had a year earlier. I couldn’t be prouder of how well the team has performed and how bright the future is for our company and for our shareholders.”
The Company cautions that figures for revenue have not been audited and are based upon calculations prepared by management. Actual results may differ from those reported in this release once these figures have been audited. The Company expects to complete its 2020 audit in April to confirm revenue figures, along with other financial results.
Ackroo has also granted incentive stock options to purchase 5,275,000 common shares to certain directors, officers and employees of the Company exercisable at a price of $0.225, for a period of 3 years. The option grant remains subject to the approval of the TSX Venture Exchange.
Through vendor and industry consolidation, Ackroo provides marketing, payment and point-of-sale solutions for merchants of all sizes. Ackroo’s self-serve, data driven, cloud-based marketing platform helps merchants in-store and online process and manage loyalty, gift card and promotional transactions at the point of sale in order to attract, engage and grow their customers while increasing their revenues and margins. Ackroo’s payment services provide merchants with low cost payment processing options through some of the world’s largest payment technology and service providers. Ackroo’s hybrid management and point-of-sale solutions help manage and optimize the general operations for niche industry’s including golf, yacht, tennis clubs and more. All solutions are focused on helping to consolidate, simplify and improve the merchant marketing, payments and point-of sale ecosystem for their clients. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com .
For further information, please contact:
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
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
This release contains forecasts and forward-looking statements that 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.