Mr. Ted Hastings reports
PERK.COM INC. EXPANDS REWARDS PLATFORM WITH THE ACQUISITION OF SUPERREWARDS, AN INNOVATOR IN ALTERNATIVE PAYMENTS & VIRTUAL REWARDS
Perk.com Inc. has completed the acquisition of Playerize Network Inc. (doing business as SuperRewards), an innovator in alternative
payments and virtual rewards with its worldwide direct payments and
performance advertising platform that provides developers with
monetization advantages while delivering engaged consumers to premiere
brand advertisers.
Founded in 2007, SuperRewards initially got its start monetizing games
on Facebook and has since evolved to include other desktop and mobile
products, such as Offer Wall, which delivers highly targeted advertising
offers and scores of locally relevant direct payment methods to millions
of on-line users. Users can earn virtual currency and goods by completing
offers, such as filling out surveys, watching videos or subscribing to
on-line services, while developers are able to monetize non-paying users
and obtain performance metrics ranging from 10 to 100 times higher than
simple ads. SuperReward's co-founders, Jeff Magnusson and Lyal Avery,
will be joining the company.
Ted Hastings, chief executive officer of Perk, stated: "We are pleased
to complete the acquisition of SuperRewards, which will expand our
rewards platform beyond Perk points to include alternative payments and
virtual rewards. SuperRewards was built with the same assumption as
Perk, that users want to pay for digital goods with their time and
attention as their primary currency. SuperRewards has a customer base
that includes over 2,000 developers and has helped to drive growth for
the world's top game and app publishers while hosting hundreds of
millions of user interactions each month. We are pleased that industry
veterans Jeff and Lyal will be joining our team, as we are confident
that their knowledge and expertise will add value and fuel growth over
the long term."
Mr. Magnusson, co-chief executive officer of SuperRewards, said: "Since 2011, Lyal and I
have worked together focusing on driving growth and revenue for social
and mobile game studios, and, with SuperRewards, we have been able to
establish it as a leader in game growth and monetization. By partnering
with Perk, we are able to further that mission and have a competitive
advantage over any individually focused rewards platform or alternative
payment provider. We are excited to be a part of a leading mobile
rewards platform and look forward to a long, successful partnership."
Under the terms of the transaction, Perk issued 455,000 Perk common
shares and paid $350,000 (U.S.). The issuance of an additional 320,000 Perk
common shares is subject to certain performance-based targets being met
in the first 12 months following closing of the transaction.
SuperRewards' revenues were $8.4-million for the trailing 12 months
ended Sept. 30, 2015, and Perk expects SuperRewards to be EBITDA
(earnings before interest, taxes, depreciation and amortization) positive.
We seek Safe Harbor.
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