Wishpond Announces Acquisition of Essential Studio Manager - a Provider of Business Management Solutions for Small Businesses
- In addition to bringing more than 150 customers into the Wishpond family, the acquisition of Essential Studio Manager ("ESM") expands Wishpond's award-winning 'all-in-one' sales and marketing technology platform with additional new business management and CRM functionality.
VANCOUVER, BC, May 3, 2023 /CNW/ - 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 the acquisition (the "Acquisition") of certain assets of Essential Studio Manager LLC ("ESM"). Based out of Wilmington, Delaware, ESM is a provider of business management software, including invoicing and customer relationship management ("CRM") solutions for small businesses in the services industry. With this Acquisition, Wishpond has added another piece to its goal of offering a complete end-to-end customer lifecycle solution to small businesses which streamlines and automates their sales, marketing, and business management processes.
Ali Tajskandar, Chairman and CEO of Wishpond, commented on the acquisition, "We are extremely happy to announce our first acquisition of the year and the sixth acquisition since going public in December of 2020. We've begun to look at new tuck-in acquisition opportunities once again, and we are really excited about adding ESM as it furthers our mission to help small businesses grow and succeed. ESM has built a comprehensive suite of complementary business productivity solutions which we believe our customers will derive tremendous value from as part of Wishpond's product offering. We expect this acquisition will provide significant benefits to small businesses, allowing them to streamline and automate their marketing and business processes, save time and money, and focus on growing their business."
Founded in 2013, ESM has more than 150 customers, primarily comprised of small services-oriented businesses from various industries. ESM helps these small businesses manage their financial and CRM-related processes such as invoicing, expense management, booking appointments, automated customer communication, contract digital signing, embedded forms, notifications, and more. These functions consume a significant amount of time and attention from entrepreneurs who have a limited time and budget. Instead, for the low cost of a monthly subscription, ESM allows small business owners to spend their time on growing their business.
Wishpond will retain ESM's brand, website, and client relationships while providing operational support and offering cross-selling opportunities. ESM is expected to be integrated with Wishpond's next-generation Propel IQ platform this year. Wishpond customers using Propel IQ's sales and marketing platform will then be able to provide contract signing, invoicing and access other CRM functionality from one single platform.
Jordan Gutierrez, Chief Operating Officer of Wishpond, added "ESM is a natural fit for Wishpond's customers as it complements our existing sales and marketing software and solutions. This acquisition expands our product offering and allows Wishpond to serve a broader range of small business customers. Furthermore, this acquisition will create cross-selling opportunities for Wishpond as we can offer ESM's software to Wishpond's existing base of over 4,000 customers, increasing the value of our customer relationships. We expect this acquisition will result in higher customer retention and an increase in long-term customer value for Wishpond. We believe ESM allows Wishpond to provide the most complete solution on the market for small business to manage their sales, marketing, invoicing, and customer relationship efforts."
WISHPOND TECHNOLOGIES LTD.
"Ali Tajskandar"
Chairman and Chief Executive Officer
Based out of Vancouver, British Columbia, Wishpond is a provider of marketing-focused online business solutions. Wishpond is a leading provider of digital marketing solutions that empower entrepreneurs to achieve success online. The Company's Propel IQ platform offers an "all-in-one" marketing suite that provides companies with marketing, promotion, lead generation, ad management, referral marketing, sales conversion and outbound sales automation capabilities on one integrated platform. Wishpond replaces disparate marketing solutions with an easy-to-use product, for a fraction of the cost. Wishpond serves over 4,000 customers who are primarily small and medium-sized businesses (SMBs) in a wide variety of industries. The Company has developed cutting-edge marketing technology solutions including an artificial intelligence (AI) powered website builder, and continues to add new features and applications. The Company employs a Software-as-a-Service (SaaS) business model where most of 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.
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.
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward looking statements in this news release include statements on Wishpond's expected benefits from the Acquisition, statements regarding the business and operations of ESM, and statements regarding anticipated outcomes and results of integration and cross selling efforts. There are numerous risks and uncertainties that could cause actual results and Wishpond's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) geopolitical risks; (ii) macroeconomic and inflationary risks; (iii) COVID-19 and similar pandemic risks; (iv) difficulties and delays associated with integrating and growing the ESM business; (v) errors, bugs and other computer and information technology issues; (vi) foreign operations risks; (vii) other factors beyond the control of the Company; and (viii) risks outlined in Wishpond's publicly filed documents available on SEDAR. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Wishpond Technologies Ltd.
Pardeep S. Sangha, Investor Relations, Wishpond Technologies Ltd., [email protected], 604-572-6392
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