Ackroo, a provider of gift card, loyalty and rewards technology and services, has agreed a deal to acquire all of the assets of M3 Rebel’s gift card and loyalty processing solution business, KESM/LoyalMark.

In terms of the agreement, Ackroo will purchase the LoyalMark software and hardware platform and all related customer contracts, and adds more than 1,200 total locations in Canada as well as another 1,200 in the US.

The deal is subject to several conditions, including the negotiation of a definitive agreement, the approval of the TSX Venture Exchange.

Ackroo CEO Steve Levely said: “The addition of M3 Rebel’s KESM/LoyalMark business is a huge step forward for the Company and further validates our strategy to both simplify and consolidate our industry.

“Combined, we significantly increase the size of our customer base, almost double our recurring revenues and expand Ackroo into the US. We gain technology advancement through product and feature offerings Ackroo does not have today, plus we gain several enterprise clients to better educate and guide the Company in this area.

“We gain key talent with domain experience and contacts in order to help us achieve our growth goals. Most importantly we add a significant amount of attributable margin that not only covers our current debt obligation but once normalised pushes the company into profitability. This is a very material advancement for the company and our shareholders.”

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KESM/LoyalMark operates as a division of M3 Rebel and offers gift card and loyalty processing solutions and services across North America to businesses of all sizes.