Ackroo Completes Sale to Paystone, Initiates Major Industry Shift

Ackroo Inc., a company specializing in gift card, loyalty marketing, payments, and point-of-sale solutions, has successfully completed its sale to Paystone Inc. This acquisition was part of a statutory plan of arrangement, wherein Paystone acquired all issued and outstanding common shares of Ackroo. Shareholders received $0.15 per share unless they were identified as Deferring Shareholders, who received promissory notes instead. As part of the arrangement, Ackroo’s shares are to be delisted from the TSX Venture Exchange, and Ackroo will apply to cease its reporting requirements in Canada. Ackroo's CEO, Steve Levely, becomes the COO of Paystone. Advisors involved in the acquisition included Paradigm Capital Inc. for Ackroo and Canaccord Genuity Corp. for Paystone. Legal advisors were Miller Thomson LLP for Paystone and Atom, and Cassels Brock & Blackwell LLP for Ackroo. The sale is seen as a favorable move during economic uncertainties, offering liquidity to shareholders and expanding resources and opportunities for Ackroo's clients and staff. Furthermore, the acquisition bolsters Paystone's market position in North America, integrating Ackroo’s solutions with its own offerings.