News and Announcements
Sprooki’s Co-Founders to Join Invigor Group’s Board Following the $10m Acquisition
- Published July 06, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Invigor Group (ASX:IVO) has shaken up its boardroom line-up after completing its $10 million acquisition of retail e-commerce analytics startup, Sprooki.
The publicly-listed big data company revealed in April that it had signed the $10 million deal for Sprooki, in a move that was partially aimed at offering retailers an “antidote” to increased competition from new market entrants such as Amazon.
KEY TAKEAWAYS:
- Former CIO of Commonwealth Bank and Westpac, and former CFO of Lendlease, Bob McKinnon, has been appointed non-executive chairman for the company.
- Former Scentre Group retail relations general manager, Jack Hanrahan, joins the board as an independent non-executive director.
- Sprooki co-founders, Claire Mula and Michael Gethen, have also assumed senior leadership roles at Invigor.
- The company said the first of “a number” of new contracts will be reported soon.
• When it first announced the acquisition, Invigor said that Sprooki was forecast to add more than $2 million of revenue to its business in FY18. - At the time of publication, Invigor Group’s shares were trading at $0.013.
“The acquisition of Sprooki has significantly strengthened Invigor’s tendering pipeline and the company expects to progressively convert tenders into new recurring revenue-generating contracts from this month onwards,” the company told shareholders on 6 July.
“With the Sprooki technology, Invigor is confident it has unrivalled capability in loyalty and applied data solutions to deliver the best predictive and prescriptive analytics to retailers, leading brands, shopping malls and venues in Australia, Europe, and now Asia,” it said.