Weyland Tech Signs Definitive Agreement to Acquire Push Interactive’s U.S. eCommerce Platform for $25 Million

NEW YORK, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global Platform-as-a-Service (PaaS) provider of mCommerce and fintech business enablement solutions, has signed a definitive agreement to acquire the assets and operations of privately-held Push Holdings, a subsidiary of ConversionPoint Technologies (CPT), for $25 million in an all-stock transaction.

This definitive agreement follows the earlier announcement of Weyland’s plans to acquire Push in order to support the launch of its CreateApp mCommerce and mobile fintech solutions in North America, as well as to introduce additional eCommerce products and services globally.

Consideration for the transaction is comprised of 35,714,285 shares of Weyland Tech common stock priced at a premium to the current market valuation. Of the total consideration, 28,571,428 shares are payable to CPT upon closing, with the balance of 7,142,857 shares payable subject to the achievement of certain performance milestones and other criteria. The acquisition includes approximately $1.5 million in cash on Push’s balance sheet to support the transition and integration, as well as the launch of CreateApp in the U.S.

Weyland expects to close the acquisition in early January and that it will be accretive to earnings in the first full quarter as part of Weyland. Push’s additional revenue streams, synergistic product offerings, and support of the CreateApp U.S. market launch are expected to help drive more than 100% top-line growth in 2020. Weyland recently reported trailing 12-month recurring revenues of more than $32 million.

The acquired assets and operations of Push Holdings are primarily comprised of the eCommerce technology company, Push Interactive, with 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 to dramatically increase online revenue while lowering the cost of customer acquisition and order fulfillment.

“We continue to believe Push will be a highly transformative acquisition on multiple levels, with this driving strong revenue growth and market expansion,” said Brent Suen, CEO of Weyland Tech. “Push’s eCommerce platform is highly synergistic to our existing mCommerce technologies, particularly with CreateApp and AtozGo. Our respective offerings are both mobile-friendly and can provide complementary products and services, while our technology and revenue models can be seamlessly integrated into a single platform.”