- OpenDNA (OPN) has acquired Quality Brands International
- It has also partnered with tourist destination, Lobster Shack this morning
- The company's acquisition of Quality Brands is set to open up several eCommerce sales channels for the group's RooLife customers in China
- OPN will provide marketing services to the Cervantes-based Rock Lobster restaurant and provide mobile payment platforms to target Chinese tourists
OpenDNA (OPN) has acquired Quality Brands International and partnered up with Lobster Shack, a popular seafood restaurant, this morning.
The Australian conglomerate comprises three subsidiaries, each with a unique profile.
CHOOSE Digital focuses on customer acquisitions through digital marketing, OpenDNA uses artificial intelligence to understand customer groups and RooLife simplifies the selling process between Australia and China on the eCommerce market.
The company kicked off its ASX announcements with the acquisition of China's digital marketing company, Quality Brands International Direct (QBID). This attainment is set to open up several eCommerce sales channels for the group's RooLife customers in China.
QBID has been a leader in the Chinese Commerce market for four years. The company's unaudited revenue hit A$4 million in the last financial year, and OPN is set to benefit from the projected A$4.5 million in revenue following the acquisition.
"This acquisition is a further example of OpenDNA delivering on our announced strategy to accelerate revenue growth, build out the reach and capability of our RooLife platform in China and expand the customer base for our AIS," OpenDNA Chairman Grant Pestrell said.
“We are delighted to have the principals of QBID, John Kilborn, George Panagios Jonathan Cox and Wesley Gao and their teams joining the OpenDNA group – they bring a wealth of knowledge with 50+ years of high-level, brand relations, China-focused and healthcare product experience to OpenDNA and RooLife,” Grant continued.
The conglomerate also announced a partnership with WA-based tourist destination Lobster Shack this morning. The company is set to market the rural restaurant and provide mobile payment platforms to target Chinese tourists.
Through a partnership with the group's subsidiary RooLife, the company will introduce payment processing systems, WeChat and Alipay to the Lobster Shack.
OpenDNA will receive a commission on all payments made at the restaurant using these platforms.
In addition to the partnership, OPN has set up a share placement plan which will be funded by the Thompson family, founders and owners of the Cervantes Lobster Shack and Rock Lobster restaurants.
Under the placement terms, 13,157,895 fully paid shares will be issued at a placement price of A$0.038 to raise half a million dollars.
The funds raised will expand the RooLife eCommerce platform and be used as general capital within the company.
“Chinese tourists and the China market as a whole form such a significant part of our business," Lobster Shack and Indian Ocean Rock Lobster founder David Thompson said.
"We serve over 1000 meals in a day during our peak periods and Chinese tourists form the largest segment of our market and so being able to market directly to more Chinese travellers and accept payments using WeChat Pay and Alipay is an exciting prospect for us,” David continued.
OPN stocks are up 8.11 per cent following the announcements today, currently selling for A$0.04 apiece.