Toronto, ON – RIWI Corp. (TSXV: RIWI) (OTC: RWCRF) (the “Company” or “RIWI”), a global trend-tracking and prediction technology firm, is pleased to announce it has completed its previously announced acquisition of Research On Mobile (ROM), a leading research technology company that has developed and commercialized unique, mature, and proprietary survey software. ROM’s software profiles survey respondents and dynamically matches them to global research marketplaces from which commercial customers buy data. The acquisition will open up a new transactional revenue stream for RIWI and add scale to the existing RIWI business.
“We are thrilled to officially welcome the ROM team to RIWI,” said Greg Wong, RIWI’s Chief Executive Officer. “We have communicated to the market that our growth strategy is to focus on our key customer verticals and technology stack while accelerating our business even further through strategic acquisitions. Acquiring ROM is the first step in this acceleration. We are excited to work together with the ROM team to deliver on our commitment to offer amazing data products to a new, expanded customer base across the globe,” added Mr. Wong.
Transaction Details (“the Transaction”)
Under the terms of the arms-length Transaction, a total purchase consideration of USD $525,000 of cash (“Consideration”) will be paid by RIWI to ROM in connection with the closing of the Transaction. The Consideration includes $125,000 held back for any post-closing adjustments. In addition, ROM may be entitled to receive additional earn-out payments subject to the satisfaction of certain revenue and profitability targets as well as employee retention targets for the 2022, 2023 and 2024 RIWI fiscal years.
Launched in September 2018 to primarily cater to research client needs in the Middle East, ROM quickly pivoted its business model by developing a unique mobile-first platform that is 100 percent API-based. That breakthrough innovation immediately gave the company a global appeal and today allows it to source approximately two million respondents per month, from 80 countries. ROM’s software system bridges the gap between advertising technology (“Ad tech”) and research technology (“Res tech”) and serves clients spanning across all five continents.
RIWI is a global trend-tracking and prediction technology firm. On a monthly or annual subscription basis, RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests in all countries – without collecting any personally identifiable data. https://riwi.com
Signed: “Greg Wong”
Greg Wong, Chief Executive Officer
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CAUTION REGARDING FORWARD-LOOKING INFORMATION:
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and RIWI does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Company’s expectations or beliefs regarding future events. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.