Flexiti Signs Long-Term Agreement With Bad Boy
TORONTO–Globalive Technology Inc., a technology company focused on developing innovative payment, billing and credit solutions for consumers and businesses, today announced that the Company’s partner Flexiti Financial, a leading point-of-sale consumer financing solutions provider for retailers, has signed a long-term agreement with Bad Boy Superstore to implement its platform. Bad Boy Superstore is a Canadian furniture and appliances retailer with 10 locations across southern Ontario.
Bad Boy Superstores will now provide customers with a quick and easy financing solution that makes big-ticket purchases fit more manageably within their budget thanks to payment plans with 0% interest options. The award-winning loan application process allows customers to apply for Flexiti’s private label credit card both in-store and online in less than three minutes and receive credit useable at more than 3,500 retail locations across Canada.
“Outstanding customer service and choice are two reasons why the Bad Boy brand has become as well known as it has,” said Blayne Lastman, Chief Executive Officer of Bad Boy. “Flexiti’s solution offers us an innovative way to improve the customer experience and we’re excited to bring the technology on board.”
“Throughout its history, Bad Boy has always made improving customer service through the use of technology a priority,” said Peter Kalen, Founder and Chief Executive Officer of Flexiti. “Our platform will help the company further that commitment and drive sales higher in a rapidly-evolving retail landscape.”
As previously disclosed, the Company has entered into a technology development agreement with Flexiti and has exercised a call right which, subject to satisfaction of certain conditions, would result in the Company acquiring 41% of (and 51% voting control over) Flexiti (the “Transaction”). Separately, depending on market conditions and other factors, the Company is contemplating acquiring the balance of Flexiti on terms acceptable to the Company and to Flexiti’s other existing shareholders. Discussions regarding such an acquisition are only preliminary at this point and no assurance can be provided that such a transaction or even an agreement relating to such transaction will be reached. Further details regarding the Transaction and the call right can be found in the press releases of the Company dated January 9, 2019 and June 21, 2018 respectively and in its other SEDAR filings.
“We are impressed with Flexiti’s rapid growth trajectory and confident the company’s technology will become the go-to solution for retailers,” said Anthony Lacavera, Chief Executive Officer of Globalive Technology. “Flexiti’s ability to add high-quality partners like Bad Boy to its network underscores the utility of its platform.”
Globalive Technology is a next generation software company and venture partner developing innovative solutions to disrupt traditional industries by leveraging artificial intelligence and machine learning technology stacks, with a particular focus on delivering innovative payment, billing and credit solutions. Globalive Technology is controlled by Globalive Capital Inc., which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from $10M to $1.3B USD. It has also made over 100 venture investments and has over 45 technology companies in its portfolio. For more information, visit www.globalivetech.com
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Flexiti has reimagined point-of-sale (POS) consumer financing to drive sales for retailers in-store and online and is one of Canada’s leading private label credit card issuers. Through its award-winning platform, Flexiti delivers a POS financing experience across any device that is customer-centric, simple and intuitive. Without the need to integrate into existing POS systems, retail partners can easily offer the same fast and paperless financing solution across all retail locations and sales channels to increase revenue and build loyalty through repeat purchases. Flexiti’s joint venture with Globalive Technology demonstrates its commitment to innovation in the payments space through the development of solutions leveraging artificial intelligence. With high approval rates, innovative products and services, flexible promotional offers and a partnership-first approach, Flexiti is helping people improve their lives through better financing. For more information, visit www.flexiti.com.
Lastman’s Bad Boy Superstore is a furniture and appliances retailer famous in southern Ontario for its quality, value, price, selection and service. The company was founded in 1955 by Mel Lastman, who would go on to become mayor of Toronto. With his son Blayne, the trademark “Who’s better than Bad Boy? NOOOBODY!’ slogan has drawn customers to their stores for decades. Lastman’s Bad Boy is active in community and has a long track record of contribution and recognition. For more information, visit www.badboy.ca.