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Wishpond Completes Acquisition of Winback - Adding SMS Marketing Solutions to its Platform
Wednesday, January 5, 2022Company Profile | Follow Company
Vancouver, BC, January 5, 2022--(T-Net)--Wishpond Technologies Ltd. (TSXV: WISH, OTCQX: WPNDF), a provider of marketing-focused online business solutions, announced that it has completed its previously announced acquisition of certain assets and specific liabilities from AtlasMind Inc. (d/b/a) Winback.chat.
The total consideration for the Assets was US $700,000, paid with cash on hand.
Based out of New York, Winback provides Wishpond with user-friendly and automated SMS marketing solutions, including a cart abandonment tool that can also be sold to Wishpond's existing eCommerce clients, thereby creating a stickier offering.
"We are pleased to welcome Winback to the Wishpond family", said Ali Tajskandar, Chairman and CEO of Wishpond. "Winback is a great strategic fit with our current product offerings and its cross-sell opportunities are expected to increase our customer lifetime value. Winback is our fourth acquisition since going public just over a year ago; establishing Wishpond's track record as a disciplined acquirer and capital allocator."
Winback provides an automated SMS marketing platform for small-medium sized businesses, including a cart abandonment app for Shopify merchants, which installs with one click. Winback's technology is triggered when a shopper browses but doesn't add anything to their cart. In the past Winback's customers have witnessed an up to 35x return on their investment. The product is extremely intuitive and user-friendly making it a great fit with Wishpond's target customer base.
Winback has a diversified customer base of over 350 monthly paying customers, generating an annual revenue run rate exceeding US$450,000. The majority of Winback's customers are based in the United States, aligning well with Wishpond's targeted growth plans.
Winback has growing recurring revenue, strong EBITDA margins over 20%, and positive cash flow, according to the company. Winback will continue to maintain its own brand and will maintain existing client relationship, while Wishpond will provide operational support.
The ability to sell and add Winback's products to Wishpond's existing packages is expected to create a higher value product to Wishpond's customers, resulting in greater MRR (Monthly Recurring Revenue) and increased customer retention and long-term value.
About Wishpond Technologies Ltd.
Based out of Vancouver, British Columbia, Wishpond is a provider of marketing-focused online business solutions. Wishpond's vision is to become the leading provider of digital marketing solutions that empower entrepreneurs to achieve success online.
The Company offers an "all-in-one" marketing suite that provides companies with marketing, promotion, lead generation, and sales conversion capabilities from one integrated platform. Wishpond replaces entire marketing functions in an easy-to-use product, for a fraction of the cost. Wishpond serves over 3,000 customers who are primarily small-to-medium size businesses (SMBs) in a wide variety of industries.
The Company has developed cutting-edge marketing technology solutions and continues to add new features and applications with great velocity. The Company employs a Software-as-a-Service (SaaS) business model where substantially all the Company's revenue is subscription-based recurring revenue which provides excellent revenue predictability and cash flow visibility. Wishpond is listed on the TSX Venture Exchange under the ticker "WISH", and on the OTCQX Best Market under the ticker "WPNDF". For further information, visit: www.wishpond.com.
Cautionary Disclaimers This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws. Forward-Looking Statements Statements that are not reported financial results or other historical information are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). This press release includes forward-looking statements regarding the Company, its subsidiaries and the industries in which they operate, including statements about, among other things, expectations, beliefs, plans, future operations, origination of additional targets in which the Company may hold an interest and acquisition opportunities for the Company, business and acquisition strategies, opportunities, objectives, prospects, assumptions, including those related to trends and prospects, and future events and performance. Sentences and phrases containing or modified by words such as "anticipate", "plan", "continue", "estimate", "intend", "expect", "may", "will", "project", "predict", "potential", "targets", "projects", "is designed to", "strategy", "should", "believe", "contemplate" and similar expressions, and the negative of such expressions, are not historical facts and are intended to identify forward-looking statements. Readers are cautioned to not place undue reliance on forward-looking statements. [ MORE ] |
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