(PRESS RELEASE) Eyecarrot Innovations Corp., (Eyecarrot) (TSX-V: EYC | OTCQB: EYCCF) announced that it has entered into a share purchase agreement dated February 10th, 2020 providing for the acquisition of ConnectMe Solution indirectly through the acquisition of Call Connect Me Inc. from its security holders.
ConnectMe is a lead delivery and monetization Software As A Service (SAAS) solution developed by venture capitalist Raed Masri. The software-based sales solution will enable the company to boost its revenues while reducing sales operation costs as it drives the commercialization of its Binovi Platform product suite. Binovi is a neuro-vision enhancement platform that is designed for vision optimization and the enhancement of cognitive skills related to human performance. Binovi combines hardware, software, specialized expert knowledge, and unique big-data insights in a customized one-on-one training and support system to help improve the lives of the 1 in 4 individuals who suffer from some form of visual impairment besides acuity loss.
“When targeting Small to Midsized Enterprises (SMEs), Customer Acquisition Cost (CAC) becomes a very important metric in driving business performance. The ConnectMe Solution has very positive results when scaling customer acquisitions in a cost-effective manner,” says Raed Masri, technology venture capitalist.
The SAAS model has been proven to generate a more stable and predictable revenue stream, increase customer loyalty as customers benefit from earlier adoption of technology innovations, and enable expansions into new segments and geographies. Eyecarrot is currently positioned to expand its user base within the sports medicine, athletic training, and professional sports verticals, which includes strategic alignments within professional sports leagues and team ownership groups. The targeted strategy will enable EYC to pursue volume driven enterprise sales opportunities.
“The company will develop and test new innovative ways to build and maintain positive unit economics when scaling Binovi platform offerings across Small to Midsized Enterprise (SME) customers,” says Adam Cegielski, EYC founder + CEO.
As consideration for the acquisition, Eyecarrot will issue an aggregate of 9,111,111 common shares at a deemed price of $0.45 pro rata to the holders of Call Connect Me Inc., subject to the approval of the TSX Venture Exchange. The acquisition is an arm’s length transaction.
The acquisition is expected to propel Eyecarrot’s ability to attract new Small to Midsized Enterprises (SMEs) through a SAAS-based sales engine designed to accelerate Binovi Platform sales through a software lead delivery solution. Pending regulatory and TSXV approval and satisfaction of other closing conditions, the acquisition is expected to be completed in February 2020.