VANCOUVER, British Columbia, May 02, 2018 — PRESS RELEASE — Namaste Technologies Inc. is pleased to announce that on May 1, 2018 the Company executed a definitive agreement to acquire all of the issued and outstanding shares of Findify AB, for a purchase price of U.S. $12 million 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. 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