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WEYL

Weyland Tech

$0.00 /

+ (+0.00%)

08:59
01/09/20
01/09
08:59
01/09/20
08:59

Weyland Tech completes acquisition of Push Holdings

Weyland Tech has completed the acquisition of the assets and operations of Push Holdings from ConversionPoint Technologies per the definitive asset purchase agreement announced in December. Weyland acquired Push to support the launch of its CreateApp mCommerce and mobile fintech solutions in North America, as well as additional eCommerce products and services globally. The acquisition is expected to be accretive to earnings in the first full calendar quarter as part of Weyland. The new revenue streams and synergistic product offerings contributed by Push, along with its support of Weyland's CreateApp U.S. market launch, are expected to help drive more than 100% overall top-line growth for the combined companies in 2020. Weyland reported last fall trailing 12-month recurring revenues of more than $32 million, with Push recently reporting that it has sustained a significant return to growth in the second half of 2019, ending the year at a nearly $12 million annual run-rate, up more than 300% since mid-year. The acquired assets and operations of Push Holdings are primarily comprised of the eCommerce technology company, Push Interactive, which has 20 full-time employees headquartered in Minneapolis, Minn. The Push Interactive direct-to-consumer eCommerce platform provides an end-to-end solution for SMBs and major brands. It allows these organizations to dramatically increase online revenue while lowering the cost of customer acquisition and order fulfillment. The integration of the two platforms is expected to enhance the overall value proposition for existing and prospective customers. Initial cross-selling opportunities include CreateApp and AtozPay supporting U.S.-based projects and campaigns for Push's current enterprise customers. Push has provided Weyland a well-established beachhead in North America, allowing Weyland to attract new users to CreateApp and AtozPay more quickly and cost efficiently. Previously, U.S. customer acquisition costs for CreateApp were estimated at $2-$3 per dollar generated, which made the market entry economically unfeasible. By leveraging Push's highly effective marketing technology and operational resources, U.S. customer acquisition cost is expected to drop to as little as $0.30 per dollar generated. As part of a public company, Weyland's new Push subsidiary gains easier access to growth capital and is better able to attract employee talent. Push plans to leverage the cost efficiencies and diverse capabilities of Weyland's 200-person technology and software development team in Jaipur, India, while Weyland gains many years of technical and software development expertise from the Push team. Weyland still plans to launch CreateApp in the U.S. in the current calendar quarter. The North American market is expected to support a higher price point for subscription fees versus the company's current market in Southeast Asia. A comparative revenue model of a U.S. industry peer supports 96,000 users at $300 each per month. This compares to the current CreateApp subscription model for Southeast Asia priced at only $12-$80 per month, depending on optional features implemented.

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