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  • Xigem Technologies (XIGM) has completed the acquisition of the assets of FOOi Inc.¬†
  • FOOi is a mobile app that facilitates digital payments through peer-to-peer and peer-to-business financial transactions
  • The mobile payment market is projected to exceed US$12 trillion by 2027
  • Xigem is positioned to become a leading SaaS technology platform for the emerging remote economy
  • Xigem Technologies Corporation (XIGM) opened trading at C$0.25 per share

Xigem Technologies (XIGM) has completed the acquisition of FOOi Inc, maker of the cloud-based, peer-to-peer payment app FOOi.

Under the terms of the acquisition, Xigem has acquired substantially all of the assets of FOOi Inc. for $500,000 to be satisfied by the issuance of 1,666,667 common shares in the capital of Xigem.

Brian Kalish, co-founder and CEO of Xigem, commented on the acquisition.

“FOOi is an easy-to-use and low-cost app that is well suited to small-to-medium enterprises, foundations and individuals wishing to complete payment transactions remotely. We are pursuing opportunities to integrate it with our iAgent platform as well as other technologies planned for our portfolio.”

FOOi is a mobile app that facilitates digital payments through peer-to-peer and peer-to-business financial transactions. Users can “share money in the moment” by opening the app and tapping on the person or organization to whom they would like to transfer funds. 

Xigem expects FOOi to become a valuable asset to iAgent as it supports completing the circle of functionality and enhancing its customer relationship management efficacy.

The mobile payment market is projected to exceed US$12 trillion by 2027, driven by the ongoing penetration of smartphones and growth in mobile commerce, as well as an increase in demand for fast and hassle-free transaction services. 

The vendor has agreed to use any proceeds received from the sale of the consideration shares of Xigem to purchase a secured, interest-bearing note from Baron Auto Group (BAG), a customer of Xigem’s where it would employ both iAgent and potentially the FOOi technology.

Brian Kalish is both the Chief Executive Officer of Xigem, and the interim Chief Executive Officer of BAG, but is not a shareholder or debtholder, and receives no compensation from BAG.

Xigem is positioned to become a leading SaaS technology platform for the emerging remote economy.

Xigem Technologies Corporation (XIGM) opened trading at C$0.25 per share.

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