Getting your Trinity Audio player ready...

Artificial intelligence and data intelligence harnessing leader FOBI AI Inc (TSX.V:FOBI) (OTCQB:FOBIF) is a company that is involved in enabling digital transformation. Yesterday it had been in focus yesterday following a key new announcement and it could be a good idea to take a look into it.

The company announced yesterday that in continuation of its initial press release back on February 27 this year it had finally managed to close the transactions proposed in the share purchase agreement with the vendor Francisco Fiúza Da Silva Beirâo Belo. As per the provisions of the agreement, FOBI AI completed the acquisition of all the issued and outstanding shares in Passworks SA. In this regard, it ought to be noted that Passworks is one of the leading players in the mobile marketing and digital wallet spaces in Europe.

As it happens, Passworks also commands a global presence and boasts of such names as Publicis and Hugo Boss as its clients. Following this acquisition Passworks would become part of a much bigger organization, which is laser-focused on mobile wallet-related solutions. That may lead to natural synergies which could lead to significant growth in the years to come.

The Chief Executive Officer of FOBI, Ron Anson, spoke about the latest acquisition as well. He noted that the acquisition of Passworks would provide FOBI with further scale and also boost its position as a global leader in the field of wallet passes. It remains to be seen if the latest news leads to any action in the FOBI stock.