Weyland Tech Completes Acquisition of Push Interactive eCommerce Platform, Sets Stage for U.S. Launch of CreateApp for SMBs Nationwide

NEW YORK, Jan. 09, 2020 (GLOBE 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.

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.”