Weyland Tech Inc., a provider of m-commerce and fintech services, has completed its acquisition of the Push Holdings from ConversionPoint Technologies. The price reported when the deal was announced last month is $25 million.
Weyland expects Push will support the launch of its CreateApp mcommerce product in North America, and it is seeking 100% top-line growth for the combined companies.
“Our respective offerings are both mobile-friendly and provide complementary products and services, which can be seamlessly integrated into a single platform,” states Brent Suen, CEO of Weyland Tech.
Weyland posted trailing 12-month recurring revenues of over $32 million last autumn, and Push ended 2019 with a nearly $12 million annual run-rate, showing growth of more than 300% since mid-year, Weyland says.
In addition, Weyland predicts that its U.S. customer acquisition cost will drop to $0.30 or lower per dollar generated, versus $2-$3 per dollar generated, rendering the market unfeasible.
In turn, Push will gain easier access to growth capital and potential talent. In addition, Push expects to benefit from Weyland’s 200-person technology and software development team in Jaipur, India, the firm adds.
Headquartered in Minneapolis, Push has 20 full-time employees. The acquired assets and operations are mostly comprised of Push Interactive, a tech company with a direct-to-consumer ecommerce platform.
Weyland offers CreateApp, a tool enabling SMBS to create and deploy mobile applications for Apple iOS and Google Android, as a platform as a service (PaaS) in 10 countries. It also offers AtozPay, a mobile pay platform.