Springbig Holdings.(OTCQX: SBIG) will acquire AI platform Vice CRM and named the company’s founder, Jaret Christopher, as chief executive officer effective April 1. The company did not disclose the price paid for the transaction but said it expected the deal to close in the next few weeks.
Vice is described as an AI-enabled performance marketing platform designed to optimize return on investment for consumer marketing campaigns in highly regulated industries.
Christopher was most recently general manager and vice president of customer relationship management software at WM Technology (Nasdaq: MAPS), a role he took on after selling CRM and marketing software company Sprout to WM Technology in 2021. He left the position last year. Before starting Sprout in 2017, Christopher was the founder and CEO of multiple software-as-a-service (SaaS) technology start-up businesses.
“We are excited to have brought on somebody with a track record of building SaaS companies and shareholder value creation throughout his career,” Marc Shiffman, lead independent director of Springbig, said. “His vision to use AI to elevate Springbig’s performance marketing platform will be a foundational piece in the continuing evolution of the company.”
Springbig last reported its third-quarter earnings in November, when the company delivered a $554,000 loss against declining revenue and a struggling national marijuana market. The results brought Springbig’s loss for the year to just $784,000, however, though revenue dipped year-over-year to $6.4 million from $6.8 million. For the first nine months of the calendar year, revenue fell to $19.5 million from $21.2 million for the same period in 2023.
In the coming fourth quarter, Springbig said it expected to land between $6.5 million and $6.8 million in revenue.
At the end of September, Springbig had $7.4 million in total assets, including $847,000 in cash, against $16.3 million in total liabilities.
Jeffrey Harris, the founder and chairman of Springbig, agreed to step down as CEO of the company on March 31.
[[{“value”:”Springbig has experienced declining revenue as the cannabis industry faces continued pressure.
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