Business
RIWI Announces Closing of Acquisition of Research on Mobile (ROM)
Toronto, Ontario--(Newsfile Corp. - July 1, 2022) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) ...
About this update from Riwi Corp.
[{"type":"text","content":"RIWI Announces Closing of Acquisition of Research on Mobile (ROM)Toronto, Ontario--(Newsfile Corp. - July 1, 2022) - RIWI Corp. (TSXV: RIWI) (OTC Pink: 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.About ROMLaunched 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 sp...