Breaking #Fintech News:
Weyland Tech (OTCQX: $WEYL) Completes Acquisition of Push Interactive #eCommerce
Platform, Sets Stage for US Launch of CreateApp for SMBs Nationwide
NEW
YORK - January 9, 2020 (Investorideas.com Newswire) Weyland Tech,
Inc. (OTCQX:
WEYL),
a leading global Platform-as-a-Service (PaaS) provider of mCommerce and fintech
business enablement solutions, has completed the acquisition of the assets and
operations of Push Holdings from ConversionPoint Technologies (CPT) per the
definitive asset purchase agreement announced in December.
Read this news in
full at https://www.investorideas.com/CO/WEYL/news/2020/01091PushInteractive-eCommercePlatform-CreateApp.asp
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.
"Push
is a transformative acquisition in many ways, which we expect to drive global
market expansion and strong revenue growth," said Weyland Tech CEO, Brent
Suen. "Push's eCommerce platform is highly synergistic to our mCommerce
technologies, particularly with CreateApp and AtozGo.
Our respective offerings are both mobile-friendly and provide complementary
products and services, which can be seamlessly integrated into a single
platform."
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.
"Right
from the start, we recognized powerful synergies in our respective technologies
and corporate missions," said Push Holdings co-founder, CEO and president,
Haig Newton. "As a combined force, we will be able to better assist
businesses and brands reach more customers, increase sales, and promote their
products and services in an easier, more affordable and more highly efficient
way."
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.
CreateApp
requires literally no technical understanding or skills in app design for
anyone to build a full-featured custom app in less than two hours. CreateApp is
a Shopify-like solution for mobile that enables businesses and brands to
establish a mCommerce presence in an intuitive, do-it-yourself fashion. Push
Interactive's chief technology officer, Tom Furukawa, noted: "By layering
on our Push platform, CreateApp users gain a fully end-to-end mCommerce
solution supported by our team of expert digital media marketers. We believe we
can enhance visibility, customer traffic and ultimately conversions more easily
and cost effectively than other competitive options."
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.
Added
Suen: "Our earlier work with Push to introduce CreateApp in the U.S. led
to this strategic acquisition. So, we have already made strong progress towards
its planned U.S. launch in the coming weeks. eCommerce is becoming increasingly
mobile in the U.S., creating a huge new market opportunity for CreateApp and
AtozPay."
Additional
details about the definitive asset purchase agreement are provided in a Form
8-K, available at www.sec.gov and the investor relations
section of
Weyland Tech's website at weyland-tech.com.
About Push Interactive
The
Push platform features comprehensive customer acquisition capabilities, highly
productive media and channel strategies, well-tuned product promotion and
messaging, and sales funnel development and optimization. Post-sale, Push
supports fulfillment, customer relationship management, and further
monetization through re-engagement and remarketing toolsets that enhance
customer lifetime value (LTV). Push developed these SaaS-based solutions
in-house, with more than $10 million invested in platform development and eight
years of real-world use. For more information about Push Interactive,
visit www.pushint.com.
About Weyland Tech
Weyland
Tech is a developer and global provider of mobile business software
applications. The company operates its CreateApp™ platform-as-a-service (PaaS)
across three continents and 10 countries, including some of the fastest-growing
emerging markets in Southeast Asia. The platform provides a mobile presence for
small-and-medium sized businesses (SMBs) that is supported locally by
distributor partnerships.
Offered
in 14 languages with more than 70 integrated modules, CreateApp enables SMBs to
create and deploy native mobile applications for Apple iOS and Google Android
without technical knowledge or background. The technology empowers SMBs to
increase sales, reach more customers, manage logistics, and promote their
products and services in an easy, affordable and highly efficient way.
The
company's subsidiary, Weyland Indonesia Perkasa (WIP), operates AtozPay and
AtozGo™. The AtozPay mobile payments platform serves the burgeoning m-Commerce
and e-Payment markets in Indonesia, the world's fourth most populous
country. AtozGo is a fast-growing short-distance
food delivery service operated in Jakarta, Indonesia.
Important
Cautions Regarding Forward Looking Statements
This
release contains certain "forward-looking statements" relating to the
business of the Company. All statements, other than statements of historical
fact included herein are "forward-looking statements" including
statements regarding: the ability of the Company to successfully integrate
Push, the continued growth of the eCommerce segment and the ability of the
Company to continue its expansion into that segment; the ability of the Company
to attract customers and partners and generate revenues; the ability of the
Company to successfully execute its business plan; the business strategy,
plans, and objectives of the Company; and any other statements of
non-historical information. These forward-looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions and involve
known and unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are reasonable,
they do involve assumptions, risks, and uncertainties, and these expectations
may prove to be incorrect. Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this news
release. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic reports that are
filed with the Securities and Exchange Commission and available on its website
(www.sec.gov). All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their entirety by these
factors. Other than as required under the securities laws, the Company does not
assume any duty to update these forward-looking statements.
Company Contact
Brent
Suen, CEO
Weyland Tech Inc.
Weyland Tech Inc.
Media & Investor Contact
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