Fobi AI acquires EU-based Passworks
VANCOUVER, CANADA — Fobi AI, a Canadian artificial intelligence (AI) and data intelligence company, has completed the acquisition of Passworks SA, a digital wallet and mobile marketing company based in Europe.
The total purchase price for Passworks’ target shares was €500,000 (US$547,160), which Fobi paid by issuing 1.6 million common shares for $0.44.
Passworks’ major international clients include luxury fashion retailer Hugo Boss and digital advertising company Publicis.
“We at Passworks are very happy to join Fobi and be part of a larger organization with a clear focus on mobile wallet solutions, together with data and digital transformation. The synergies of the two companies will definitely strengthen Fobi’s position as a leader in the mobile wallet space,” said Passworks Chief Executive Officer Francisco Belo.
Founded in 2017, Fobi is a leading AI and data intelligence company across North America and Europe.
