Vancouver-based Wishpond has acquired Winback.chat from AtlasMind Inc. For $700,000 in cash. With the deal closing in December, this is Wishpond’s fourth acquisition in 2021.
Headquartered in New York, Winback provides automated SMS marketing solutions, including a one-click shopping cart abandonment tool for Shopify merchants.
Winback is published when a shopper browses but does not add anything to their cart. The company claims that its clients have seen up to 35 times return on their investment using Winback tech.
Founded in 2009, Wishpond is a digital marketing solutions startup offering a suite of cloud-based apps and services for business growth.
Since its inception, Wishpond has expanded its technology portfolio to include a leading generation platform, email marketing platform, and marketing automation system. It currently claims to have a client base of over 3,000 clients, which are primarily small to mid-sized businesses.
With the Winback purchase, this is the second set of assets Wishpond has acquired from AtlasMind. In August, it also acquired ad management platform Brax.io for US$2 million.
RELATED: Wishpond Secures $6 Million in National Bank Revolving Credit for Fuel Acquisition Strategy
To further its acquisition strategy, Wishpond secured a $6 million revolving line of operation from the National Bank of Canada’s Technology and Innovation Banking Group in September.
With over 350 paying clients per month, Winback generates an annual revenue run rate of over $450,000 USD. Most of its customer base is located in the United States, which Wishpond claims aligns with targeted growth plans.
As a result of the acquisition, Winback will continue to maintain its own brand and customer relationships, while Wishpond will provide operational support.
Prior to starting Wishpond, CEO Ali Tageskandar worked as a software engineer at a number of high-tech startups including SoundLogic (acquired by Lucent), Seance Software, and Bitspan Network.
Wishpond has made a number of acquisitions in the past, including California-based SaaS startup PersistIQ in San Mateo for $3 million, made up of equal parts cash, common stock, and one-year earnings based on PersistIQ’s revenue.
The TSX Venture-listed startup also bought Invigo, a Surrey-based marketing technology company focused on servicing medical clinics, with Wishpond agreeing to pay $835,000 up front, in addition to a two-year performance gain. Wishpond is also listed on the OTCQX Best Market under “WPNDF”.
In June, Wishpond partnered with Stukent, an Idaho-based company that provides digital tutorials for integrating Wishpond technology on the Stukent platform and delivering digital marketing and social media assignments.