- E-commerce and fintech solutions provider Logiq Inc LGIQ acquired Rebel AI, a digital marketing solutions innovator. The Rebel AI platform will be named Logiq Digital Marketing and will support the survival of small and medium-sized businesses (SMB) against larger companies for new customers.
- Marketers could advertise across websites and connected TV media destinations through a simplified platform under the arrangement.
- The platform’s audience targeting, artificial intelligence algorithms, and blockchain-based security will also reduce customer acquisition costs.
- The financial terms of the transaction were not disclosed.
- Logiq reported a pandemic induced year-on-year revenue decline of 34.3% to $6.6 million in the fourth quarter of FY20, missing the consensus estimate of $6.7 million.
- The company’s AppLogiq mCommerce platform-as-as-service (PaaS) accounted for 32.1% of the revenue. The segment revenue declined 78.9% due to the pandemic and the company’s transition towards lower revenue and higher-margin business.
- The gross margin expanded 250 basis points to 21.1%.
- Net loss per share rose 8.5% to $0.51, missing the analyst estimate of $0.17.
- Logiq held cash and cash equivalent of $3.5 million as of Dec. 31, 2020.
- The company initiated to up list the stocks on Canada’s NEO Exchange.
- Logiq also launched a new food delivery service for Indonesian Pondok Indah Mall shoppers. It appointed Steven J. Hartman as Chief Product Officer.
- Price action: LGIQ shares are trading higher by 3.5% at $6.21.
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