January 13, 2022 Technology, Merger Aquisition

FOBI bolsters digital wallet offering with Passworks acquisition

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The deal is worth $459,000 and is the company’s fourth wallet pass acquisition in the last 12 months.

FOBI, a real-time data analytics company with a number of partners in the gaming industry, has further expanded its digital wallet portfolio via the acquisition of Passworks. 

The deal, worth approximately $459,000, marks FOBI’s fourth wallet-based acquisition in the last year as the company continues to expand its presence in the market. 

FOBI CEO, Rob Anson stated: "The acquisition of Passworks, our fourth wallet pass acquisition in the past year, will further position us as a global wallet pass leader and gives us access to a number of key Tier 1 customers which will help drive immediate revenue and strengthen our brand."

Passworks specializes in the creation of mobile content that address loyalty coupons, promotions, event tickets, gift cards, membership cards, boarding passes and much more. The company has dealings with several major brands, including Hugo Boss.

Per the terms of the agreement, FOBI wall pay Passworks’ shareholders in the amount of shares equaling the sale price in Canadian Dollars.

2021 saw FOBI sign a number of partnerships with properties in Las Vegas. Specifically, the company agreed to provide vaccination passports via its service to venues across the city as they looked to open up after the Covid-19 pandemic. 

In relation to these deals, Anson said: “Las Vegas is the entertainment capital of the world and implementing the Fobi Wallet pass technology at Sammy Hagar’s sold-out shows at The STRAT Hotel, Casino & SkyPod in Las Vegas is a big opportunity and another big milestone for the company.”

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