XTM Completes Acquisition of QRails, Inc
Summary
QRails will run as a wholly owned subsidiary of XTM with staff and operational integrations phased in over time as revenue potential achieves momentum. XTM is a Miami and Toronto-based fintech innovator founded in the cloud-banking space and further helping businesses inspire their workforce in the hospitality, personal care and services staffing industries. Established as a leader in on-demand pay with many large brands including Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels and Live Nation, XTM continues to innovate with further digital featurization to support businesses to inspire workers to want to work more with shift scheduling and call-outs, staff management, expense management, in-app health and financial wellness; and gamified loyalty programs. QRails is a cloud-based, API-driven issuer-processor enabling payroll providers, financial institutions and other global fintech companies to keep up with the on-demand economy by delivering innovative digital payment solutions to their employees. Known risk factors include risks associated with the impact of general business and economic conditions, the ability of the Company to successfully integrate QRails into its existing operations and gaining efficiencies, if any, from collaboration; unexpected changes in market and technological trends and governmental policies and regulations affecting the Company, XTM’s ability to continue onboarding clients, risks related to global pandemics, influence of macroeconomic developments, business opportunities that become available to, or are pursued by XTM; reduced access to debt and equity capital, litigation, increasing interest rates, the volatility of the stock market, competition, future sales or issuances of debt or equity securities, use of proceeds, dividend policy and future payment of dividends, liquidity, and the market for XTM’s securities.