Namaste Acquires Findify, a Leading A.I. and Machine Learning
Company, to Increase Conversion Rates, Average Order Value,
Retention and Referrals
Vancouver, British Columbia, May 02, 2018 -- InvestorsHub NewsWire
-- Namaste Technologies Inc. (“Namaste” or the
“Company”) (TSX-V:N) (FRA:M5BQ) (OTCMKTS:NXTTF) is pleased to
announce that on May 1, 2018 the Company executed a definitive
agreement to acquire (the “Acquisition”) all of
the issued and outstanding shares of Findify AB (a Swedish
corporation, “Findify”), for a purchase price of
US $12,000,000 in a combination of cash and common shares of the
Company. Findify is a global leader in A.I. powered e-commerce
personalization, delivering solutions such as personalized search,
recommendations, and advanced data analytics. Among its customers
are Nine West, PLV Shoes, and Rocketdog.
Management expects the integration of Findify’s proprietary
technology to increase monetization and propel revenue growth in
both cannabis and hardware sales. In addition to anticipated growth
in Namaste’s core business, the Company will allocate resources to
expand on Findify’s existing platform and expects this to result in
increased EBITDA by the end of 2019. Namaste also anticipates
accelerating patient growth through its wholly owned subsidiary and
Canada’s first fully-compliant online patient portal, NamasteMD
Inc. (“NamasteMD” or
“NamasteMD.com”). By implementing Findify’s
technology in applications of patient acquisition, conversion
rates, order value and customer retention, the Company expects to
reach 50,000 medical cannabis patients by the end of 2018 and up to
100,000 by the end of 2019.
Findify’s platform which is used by leading e-commerce websites,
including Namaste, uses proprietary real-time machine learning
algorithms to build unique user profiles, and deliver a
personalized experience for each user. The platform continuously
learns from user behavior to automatically improve search results,
recommendations, and product landing pages, displaying the most
relevant products at any given time. It identifies product trends
and, in combination with an analysis of unique customer behavior,
ranks products in a way to optimize revenue, conversion rates and
average order value. Based on the Bank of Canada’s exchange rate on
May 1, 2018, Findify’s annual 2017 revenue was $503,170 and its
first quarter 2018 revenue was $198,211.
Key terms of the Acquisition:
- Namaste will acquire all issued and outstanding shares of
Findify in exchange for:
- US $2,000,000 in cash to be paid upon the closing date of the
transaction.
- US $10,000,000 to be paid in common shares of Namaste at a
mutually agreed price of C$1.80 per common share.
Key designated employees of Findify will be remaining with the
company after the completion of the acquisition.
The acquisition of Findify brings an incredible amount of value
to the Company in applications related to the online retail of
medical cannabis. Namaste recognizes this as a unique opportunity
to offer medical cannabis patients an even more personalized
experience. The acquisition of Findify will reinforce Namaste’s
goal of becoming the global leader in cannabis technology solutions
by further expanding its innovative e-commerce platform and
enhancing the user experience for cannabis patients globally.
In addition, the acquisition of Findify creates a new revenue
stream for the Company in the field of artificial intelligence and
data analytics. Namaste will continue to operate and expand on
Findify’s existing platform and client portfolio. Namaste
anticipates rapid expansion of its technology licensing
business.
Management Commentary
Meni Morim, Founder and CEO of Findify
comments: “The Findify team is very excited to join the Namaste
family, and take part in revolutionizing the online cannabis
domain. The team brings years of experience, having built a unique
machine learning platform that leverages user behavior, to deliver
a personalized e-commerce experience across touchpoints, with a
focus on search & discovery. We believe that Namaste’s strong
positioning in the market will enable us to take advantage of this
technology in the best possible way, and deliver immediate value to
customers and shareholders - by buildings the world’s first fully
integrated A.I. platform for cannabis.
Having built a relationship with Namaste as a client over the
past two years, we found that we share many of the same core
values, work ethic, and passion for building products that people
love. We’re confident that the merging of our teams will enable us
to continue innovating in this fast-paced, growing industry.”
Laurens Feenstra, Director of Namaste, an A.I.
expert, and Product Manager for Google Waymo comments: “I am super
excited for the talented team of Findify to join Namaste! Their
leading machine learning models have already made Namaste much
better at recommending the right products to our customers. And,
even more importantly, we are thrilled to apply their deep A.I.
expertise to cannabis. There are approximately 800 identified
strains of cannabis each with hundreds of active ingredients,
meaning each plant works differently for each person. Understanding
which plant works for whom will be key in helping cannabis benefit
everyone.”
Sean Dollinger, President and CEO of Namaste
comments: “We’re very pleased to announce the acquisition of
Findify. This is a very exciting opportunity for Namaste to forge
new ground in the cannabis industry by introducing what we believe
to be the most innovative technology for on-site personalization.
Moving forward we believe global cannabis patients will demand a
more customized online experience, as products and services in the
cannabis industry continue to grow exponentially. Having worked
with Findify as a client, we have witnessed excellent results
through the implementation of their technology and believe strongly
in the quality of their management team. Based on the success we
have seen in the utilization of similar technology in other
industries, we are extremely excited and optimistic to become the
first company to introduce this incredible technology into the
cannabis market and further enhance the online experience for
cannabis patients.
Our vision for the Company in becoming a global leader in
medical cannabis technology is evident from the addition of our new
board members coming from Google and SpaceX, industry leaders in
the areas of machine learning and A.I. that chose to join Namaste’s
team. Furthermore, this acquisition represents a major milestone
for Namaste in solidifying itself as one of the most innovative
technology companies in the cannabis industry.”
About Findify AB
Findify is a leader in e-commerce machine learning applications,
with over 1200 customers in more than 60 countries around the
world. Findify has developed a unique machine learning core, that
leverages user behaviour, to personalize online experiences in
real-time. Findify’s machine learning technology has been proven to
deliver up to 27% uplift in conversion rate, and up to 30% uplift
in revenue per user.
Findify is an official Shopify Plus Technology Partner,
recognized as a “Best-In-Class Solution” for modern, rapidly
growing e-Commerce businesses.
About Namaste Technologies Inc.
Namaste Technologies is a global leader in the sale of medical
cannabis consumption devices. Namaste has nine offices with
multiple distribution centers around the globe and operates over 30
websites under various brands. Namaste has developed innovative
technology platforms including NamasteMD.com, Canada's first ACMPR
compliant telemedicine application. The company is focused on
patient acquisition through NamasteMD and intends on building
Canada's largest database of medical cannabis patients. The
company's subsidiary, CannMart Inc. is an ACMPR Licensed Producer
with a "sales-only" license, whereby the company will offer a large
variety of medical cannabis sourced from domestic and international
producers. Namaste will continue to develop and acquire innovative
technologies which will provide value to the Company and to
its shareholders as well as to the broader cannabis
market.
On behalf of the Board of Directors
“Sean Dollinger”
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: info@namastetechnologies.com
Further information on Namaste and its products can be accessed
through the links below:
namastetechnologies.com
namastevapes.ca
everyonedoesit.ca
namastevaporizers.co.uk
everyonedoesit.co.uk
australianvaporizers.com.au
Forward Looking Information
This press release contains forward-looking information
based on current expectations. These statements should not be read
as guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements.
Although such statements are based on management's reasonable
assumptions, Namaste assumes no responsibility to update or revise
forward-looking information to reflect new events or circumstances
unless required by law. Although the Company believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Company can
give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
These statements speak only as of the date of this press release.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks including various
risk factors discussed in the Company's disclosure documents, which
can be found under the Company's profile on www.sedar.com. This
press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward looking statements are made pursuant to the safe
harbour provisions of the Private Securities Litigation Reform Act
of 1995. Neither the TSX Venture Exchange nor its market regulator
has reviewed or approved the contents of this press
release.
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