ACN Inc., an essential services direct selling company, announced its agreement to purchase the assets of Kynect Ltd. Formerly known as Stream Energy, Kynect was founded in 2005 as an energy service provider in the direct selling space before adding wireless, home security and other essential services to its product portfolio.
The two companies will begin merging effective immediately to expand ACN’s global reach and create a smooth transition process for both companies’ independent distributors.
“We are very excited to continue the legacy Kynect has created,” said ACN Co-Founder Robert Stevanovski.
ACN will retain Kynect CEO Bouncer Shiro, a founding board member, on staff during and beyond the transition period.
“I am beyond honored to have been part of Kynect for the last 16 years,” Schiro said. “Together, we’ve changed countless lives and truly made a difference in this world. Words can’t describe my gratitude for the corporate staff’s endless contributions and belief in our movement.”
The companies point to a set of “shared values” and a comparable business model and product offering as the catalyst for the purchase agreement.
“Ultimately, this agreement is about enhancing the opportunity for our Kynect army and ACN’s Independent Business Owners,” said Kynect founder Rob Snyder. “We here at Kynect have built a culture that puts people and personal connections above all else. It’s no coincidence that we’ve entrusted ACN to carry that torch in partnership with our Independent Associates as they embark on this new journey.”