VANCOUVER, BC, September 7, 2021 - Fobi AI Inc. (formerly Loop Insights Inc.) (TSXV: FOBI) (OTCQB: FOBIF) (the "Company" or "Fobi"), a global leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement is pleased to announce a data aggregation and analytics partnership with Lightspeed Commerce Inc., the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences.
- Fobi integration with the Lightspeed commerce platform is now complete.
- Fobi App has now launched within the Lightspeed ecosystem and is available for download by Lightspeed customers.
- Fobi will be the “Featured Partner” for the month of October.
With the recent acquisitions of Vend and NuORDER, Lightspeed has greatly increased its global footprint and total customer locations worldwide to become a global leader in the commerce space. Having a referral partnership with the Lightspeed sales team will be invaluable to the success of this partnership.
HISTORY OF EARLY SUCCESS BODES WELL FOR FUTURE OF FOBI AND LIGHTSPEED
On August 10th, 2020, Fobi (Loop Insights at the time) announced a referral partnership and API integration with Vend, a leading global POS company. The announcement came with the partnership’s first sale to a 30-location franchise. Through the reseller partnership, Fobi worked with Vend’s global team to onboard new customers monthly.
On August 20th, 2020, Vend and Fobi (Loop Insights at the time) announced a 20-store pilot that successfully concluded on November 4th, 2020 with an agreement to deploy its insights platform at 550 ‘Your CBD’ locations across 41 states, the largest CBD retailer in the United States. With the acquisition of Vend by Lightspeed approximately five months later and the integration of Fobi into Lightspeed just five months after that, both companies are very confident and excited about their anticipated success going forward.
Lightspeed’s GM of Partnerships & Hospitality Peter Dougherty stated: “Lightspeed is committed to providing innovative tools that will help our retailers succeed. We are excited to offer Fobi’s integration in the Lightspeed partner ecosystem, as this will empower our customers with more tools to grow and scale their business.”
Fobi CEO Rob Anson stated: “Lightspeed’s support of Fobi’s integration to their platform cannot be understated as it speaks volumes about their confidence in Fobi as a premiere retail data solution provider. With our integration now complete, both Fobi and Lightspeed are positioned to generate new sales opportunities through this successful partnership. And, being selected as their “Featured Partner” in the Lightspeed ecosystem for the month of October is another validation of the value that Fobi brings to Lightspeed retailers.”
FOBI INTEGRATION AND APP WILL PROVIDE SEVERAL KEY BENEFITS FOR LIGHTSPEED RETAILERS
The key benefits of the Fobi Integration and App for Lightspeed retailers are as follows:
- Helps retailers save time. Retailers can see aggregated online and in-store data in real-time across multiple POS systems and Lightspeed accounts. There is no need to spend time exporting and consolidating data.
- Gives Lightspeed retailers real-time insights. Retailers can make informed data-driven business decisions based on powerful micro-trend, demographic, macro-level data, and retail metrics.
- Helps Lightspeed retailers grow and scale their business. With visualization of every data touchpoint, retailers can view their sales history and see year-over-year growth across their entire business operations to help forecast and plan the future of their business with AI data forecasting and segmentation.
INTEGRATION WITH LIGHTSPEED PROVIDES FOBI WITH A SIGNIFICANT ADVANTAGE IN THE FAST-GROWING GLOBAL CLOUD POS MARKET - ONE OF THE FASTEST GROWING IN THE WORLD
According to a recent report published by Allied Market Research, the global cloud POS market size was valued at $2.24 billion in 2020, and is projected to reach $13.24 billion by 2028, registering a CAGR of 24.5 % from 2020 to 2028. This makes the global cloud POS market one of the fastest growing markets in the world, and one that Fobi and Lightspeed will now be able to target together.
This Press Release Is Available on the Fobi Website and the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement.
Powering the businesses that are the backbone of the global economy, Lightspeed's one-stop commerce platform helps merchants innovate to simplify, scale and provide exceptional customer experiences. The cloud solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financing and connection to supplier networks. Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across North America, Europe and Asia Pacific, the company serves retail, hospitality and golf businesses in over 100 countries.
For more information, see www.lightspeedhq.com
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Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi's unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.
For more information, please contact:
Fobi AI Inc.
Fobi Website: www.fobi.ai
Rob Anson, CEO
Facebook: @ Fobiinc
T : +1 877-754-5336 Ext. 3
Twitter: @ Fobi_inc
LinkedIn: @ Fobiinc
This news release contains certain statements which constitute forward-looking statements or information, including statements relating to the use of proceeds from the Offering. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic and capital markets conditions, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. There can be no assurance that the Company will be able to achieve all or any of its proposed objectives.
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