Skyfii, a provider of Wi-Fi and associated services to shopping centres and similar venues, is expanding overseas through the acquisition of European and North American customers currently served by Wicoms Wireless.
Skyfii previously announced its intention to expand overseas, and it is doing so with a $247,000 all-scrip transaction to acquire customers from UK-based Wicoms Wireless.
The company sees an opportunity to upsell these customers to more advanced services than they can get from Wicoms' system.
For example, Skyfii is in advanced negotiations with the operator of a chain of designer outlet malls in nine countries. 23 malls are already under discussion, with the possibility of adding another seven.
{loadposition stephen08}"We are extremely pleased to be acquiring key assets from Wicoms including contracted revenues from a large retail footprint. This transaction brings a profitable asset onto the Skyfii balance sheet, and significant short term opportunity to grow the portfolio value through the upsell of Skyfii's data analytics and marketing services," said CEO Wayne Arthur.
"The deal terms on the transaction are favourable, and will springboard our international retail sector growth across key geographies of Europe and North America."