INTOUCH INSIGHT LTD. ANNOUNCES A DEFINITIVE AGREEMENT TO ACQUIRE THE ASSETS OF CLEARPOINT SOLUTIONS US, LLC BASED IN ATLANTA, GEORGIA
"This acquisition represents an exciting opportunity to accelerate and de-risk our continued expansion into the merchandising market," stated Cameron Watt, President & Chief Executive Officer of Intouch. "ClearPoint has successfully navigated its formative years and, with the right strategic direction and support, is primed for substantial growth. Led by Sam Hersey, who brings over 25 years of extensive experience in the retail industry, we're thrilled to welcome both a robust team and established revenue streams that will enhance our merchandising business."
The acquisition's purchase price combines an initial cash payment of USD $250,000 upon closing with contingent payments based on a share of future operating profits in the merchandising business over a four-year period post-closing. The initial cash outlay will be covered by Intouch's existing cash reserves. ClearPoint is at arm's length to Intouch, and no finder's fees will be paid by Intouch. Following the closing, ClearPoint President Sam Hersey will continue with Intouch in his leadership role in the merchandising business.
"My decision to sell the assets of ClearPoint was thoughtful and deliberate. I am confident the synergies with Intouch will enable the merchandising business to achieve accelerated growth and establish an expanded presence in the market," commented Sam Hersey, Founder & President of ClearPoint. "Intouch's existing infrastructure and shared industry focus provide an immediate platform, allowing the ClearPoint team to concentrate fully on client acquisition and satisfaction."
Watt further emphasized, "This acquisition is a direct alignment with our strategic goal of renewing our presence in the merchandising market, creating a new avenue for growth in our services revenues. It also immediately provides us with an established customer base and a skilled field execution team, mitigating the risks typically associated with building a division from the ground up."
About Intouch Insight
Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America's most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.
Certain statements included in this news release contain forward looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, including the acquisition, future revenues and references to the Company's expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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