Invigor quick to reap the rewards of Sprooki acquisition
Published on: | by finfeed
Only a fortnight after Invigor Group (ASX: IVO) announced the pending acquisition of major shopper engagement, analytics and commerce platform, Sprooki, the company has reaped the rewards of this initiative.
The 120,000 square metre Plaza Ambarrukmo shopping centre located in Yogyakarta Indonesia will be the first to launch Sprooki’s award-winning mobile engagement solution. The shopping centre is the premier shopping, dining and lifestyle destination in Yogyakarta with more than 230 exclusive local and international brand-name stores.
The mall recently launched a new shopping companion mobile application powered by Sprooki’s solution to improve and personalise the experience of patrons and to assist retailers with better shopper engagement, conversion and loyalty.
There are now 18 malls contracted to Sprooki in Asia using its engagement and commerce solution to deliver personalised, location-relevant retail content from tenants and brands to shoppers.
Discussing this development, IVO’S Chairman and Chief Executive, Gary Cohen said, “One of the attractions of the Sprooki business to Invigor was the strength of its customer growth opportunities and its ability to expand its shopping centre footprint in Asia, and this contract is evidence that Sprooki is converting its tenders to new revenue generating, long-term contracts in Asia”.
On this note, Sprooki is aggressively pursuing other contracts in Indonesia, a country with a population of 260 million people and almost 330 million mobile connections, evidence that the broader Indonesian population are some of the most engaged mobile users in the world.
In discussions with FinFeed, Cohen said, “We currently have over $7 million of new qualified deals in the pipeline including 36 shopping malls, nine major brands and two major retailers”.
IVO expects to report on further revenue generating contracts shortly, including more from Sprooki in Australia, Asia and Europe. With a substantial number of deals in the pipeline it would appear that there could be share price catalysts on the horizon.
While IVO’s shares have increased 35% in less than a month, the company’s growth prospects needs to be viewed in a completely different light following the transformational acquisition of Sprooki.
Consequently, with the potential for exponential growth moving forward there is the possibility of further share price upside.
It should be noted that share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.