Wishpond Technologies Ltd. (TSXV: WISH) (OTCQX: WPNDF) (the “Company” or “Wishpond“), a provider of marketing-focused online business solutions, is pleased to announce that it has completed its previously announced acquisition of certain assets and specific liabilities (the “Assets“) from AtlasMind Inc. (d/b/a) Winback.chat (“Winback“).
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.”
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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 is a healthy company with growing recurring revenue, strong EBITDA margins over 20%, and positive cash flow.
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.
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