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Loop Insights Completes Acquisition of Intellectual Property Assets of Locally, A Global Location Data Intelligence Company With Tier-1 Clients
Loop Insights Inc., a provider of contactless solutions and artificial intelligence (“AI“) to drive automated marketing, venue tracing, and contactless solutions to the brick and mortar space, is pleased to announce the completion of its previously announced acquisition of the intellectual property assets of Digital2Go Medial Networks, Inc. d/b/a Locally pursuant to an asset purchase agreement between the Company and Locally dated February 16, 2021.
VANCOUVER, BC, February 18, 2021 /CNW/ – Loop Insights Inc. (MTRX:TSXV) (RACMF:OTCQB) (“Loop” or the “Company”), a provider of contactless solutions and artificial intelligence (“AI“) to drive automated marketing, venue tracing, and contactless solutions to the brick and mortar space, is pleased to announce the completion of its previously announced acquisition (the “Acquisition”) of the intellectual property assets of Digital2Go Medial Networks, Inc. d/b/a Locally (“Locally”) pursuant to an asset purchase agreement between the Company and Locally dated February 16, 2021 (the “APA”). Locally is a technology company focused on providing location data intelligence and real-time consumer engagement.
Locally Acquisition Provides Loop Insights with Unparalleled Location-Based Retail Insights, Foothold in $28.95-billion Location-Based Services Industry
Rampant digitization and the increasing use of smartphones have helped grow the location-based services market to $28.95 billion in 2019, according to Allied Market Research.
As a leader in human movement intelligence data, Locally has positioned itself to enable businesses to connect their physical and digital databases through mobile location insights and marketing integration capabilities. Locally has helped well-known brands and companies such as Ford, BMW, Wyndham Resorts, Calvin Klein, Kroger, Chipotle, Napa Auto Parts, 7-11, and others access deep consumer behavioral insights across all of their marketing activation channels.
The acquisition of Locally will allow Loop Insights to incorporate Locally’s location-based data and engagement capabilities, providing Loop with new revenue opportunities with brands and retailers looking to capitalize on the increasing use of location-based services.
Loop Insights CEO Rob Anson stated: ”The stakes have been raised in terms of brand and consumer expectations and interactions, with consumers demanding that brands cater to their individual preferences. The unique combination of Loop’s retail transaction data capabilities and the Locally location-based engagement platform has significantly improved Loop’s capabilities across retail, hospitality, and live sports and entertainment verticals, further enabling us to amplify frictionless experiences inside and outside nearly any physical location. With over 50 billion location signals collected to date, Locally was an obvious fit to acquire and incorporate into Loop’s product offerings, and will make an immediate impact on our already robust pipeline.”
Loop’s enhanced location-based capabilities will be applicable to nearly all of its clients, creating meaningful, dynamic, and personal connections with consumers, while providing retailers with unparalleled retail insights. By connecting transaction information to the unique IDs of users, Loop is able to drive targeted marketing opportunities and real-time engagement directly to customers through its wallet pass and other engagement capabilities.
Terms of the Acquisition
In consideration for the Acquisition, Loop issued 166,250 common shares in the capital of the Company (the “Shares”) at a price per share of $1.20 for aggregate consideration of $199,500 to Locally. Any Shares issued in connection with the Acquisition will be subject to a restricted period of four months and one day from the date of issuance, as well as restrictions pursuant to applicable US securities laws.
Locally Acquisition to Support Loop in Data Acquisition and Monetization Strategies
In support of Loop’s success deploying its venue management platform in live environments, the acquisition of Locally will allow Loop Insights to fully integrate location-based information with transaction data to provide clients with a comprehensive overview of their guests and their spending habits.
As outlined in an October 7th, 2020 press release, Loop Insights has already begun to integrate Locally’s location-based data insights into Loop’s insights and engagement platforms. By combining Loop and Locally’s technology stacks, Loop has been able to offer enhanced location and mobile data insights, additional targeted marketing capabilities, and new revenue streams via data monetization with retailers, brands, sponsors, and marketers.
On December 1st, 2020, Loop announced it had achieved 100% success in delivering the first-ever fully integrated “Venue Bubble” in live environments at both NCAA College Basketball Tournaments. In total, Loop provided 14 check-in locations that traced over 550 athletes, coaches, and staff members at the two tournaments. Live demonstrations of the Venue Bubbles lead to significant discussions about some of North America’s largest sporting events in 2021, with additional events to be announced.
This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement https://agoracom.com/ir/LoopInsights/forums/discussion
Locally is a provider of a location and contextual engagement platform intended to bridge the gap between the locations and consumers that visit them. The company’s platform combines predictive and contextual marketing automation with native and aggregate data sources and also provides actionable consumer insights based on many forms of context mainly location, time, behavior, interests, and many more to create customized audiences used for targeted marketing, advertising and messaging, enabling businesses to promote brands and improve customer engagement through personalized and contextually relevant mobile experiences.
About Loop Insights
Loop Insights Inc. is a Vancouver-based Internet of Things (“IoT”) technology company that delivers transformative artificial intelligence (“AI”) automated marketing, venue tracing, and contactless solutions to the brick and mortar space. Its unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia. Loop’s products and services are backed by Amazon’s Partner Network.
Loop Insights Inc.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Notice Regarding Forward-Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the closing of the Transaction; post-closing objectives of Loop for acquired assets; the expectation of additional revenues to Loop post-closing; the expectation that Loop will be able to successfully integrate the acquired assets; that the Acquisition may position Loop for future growth; and that the vendors will assist Loop with the transition of operations post-closing. There are numerous risks and uncertainties that could cause actual results and Loop’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) COVID-19 risks; (ii) difficulties and delays associated with integrating and growing the acquired assets post-closing; (iii) risks inherent in the technology and AI industries in general; (iv) other factors beyond the control of the Company; and (v) risks outlined in Loop’s publicly filed documents available on SEDAR. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.