Completes Acquisition of Bridge Solutions Group Corp. Leadership team additions to fuel global expansion plans
TORONTO, Sept. 17, 2021 /CNW/ - Pivotree Inc. (TSXV: PVT) ("Pivotree'' or the "Company"), a leading provider of frictionless commerce solutions, announced today that it has closed the acquisition (the "Acquisition") of Bridge Solutions Group Corp ("Bridge Solutions Group'') previously announced on August 26, 2021. The company is also growing its leadership team as it continues to move forward on its global expansion strategy.
Bridge Solutions Group is a supply chain service provider and Pivotree partner specializing in order management services, warehouse management services and application integration. The acquisition is expected to transform Pivotree's ability to deliver end-to-end frictionless experiences for customers by providing a single entity to manage their commerce systems.
"The closing of this acquisition provides us with instant global scale in an important and complementary category within the world of frictionless commerce," said Bill Di Nardo, Chief Executive Officer of Pivotree. "We look forward to showing the marketplace how our expanded portfolio of products and services can help transform the way organizations engage with customers and partners, strengthen their commerce operations and succeed in the digital economy."
As part of its long term strategy, Pivotree has also been transitioning its organizational structure towards a more category-centric model. This started with the hiring of additional General Managers to complement the core commerce and MDM categories along with a Global VP of Sales, a VP of Product and most recently a VP of Marketing. To ensure Pivotree continues to deliver on its strategic vision the company has been actively recruiting other key senior roles, including a President, Chief Human Resource Officer, and Chief Technology Officer. The company also today announced that Greg Wong, Chief Revenue Officer, has stepped down effective September 10, 2021.
"I'm impressed by the energy and dedication of our recent leadership hires and the impact they are having to drive us forward faster with our product and category objectives, and I look forward to growing our executive team," said Di Nardo. "On behalf of Pivotree and the Board, I would also like to thank Greg for his leadership and dedicated service in helping build a strong sales program and team around frictionless commerce, and we wish him the best on his future endeavors."
Acquisition Details
The total consideration of the Acquisition was USD$6.0 million which includes USD$5.0 million in cash and 194,459 common shares of the Company. In addition, the sellers will be entitled to receive additional earn-out payments of up to USD$10 million subject to the satisfaction of certain gross profit growth targets for the 2021 and 2022 fiscal years. All common shares of the Company issued under the Acquisition are subject to a four month hold period from the date of issuance in accordance with applicable securities laws.
About Pivotree
Pivotree is a leader in frictionless commerce with expertise in eCommerce, MDM, Cloud, Cybersecurity, and Supply Chain solutions. It is an end-to-end vendor supporting clients from strategy, platform selection, deployment, and hosting through to ongoing support. It operates as a single expert resource to help companies adapt relentlessly in an ever-changing digital commerce landscape. Leading and innovative clients rely on Pivotree's deep expertise to choose enterprise-proven solutions and design, build, and connect critical systems to run smoothly at defining moments in a commerce business. Pivotree serves as a trusted partner to over 170 market-leading brands and forward-thinking B2C and B2B companies, including many companies in the Fortune 1000. With offices and customers in the Americas, EMEA, and APAC, Pivotree is widely recognized as a high-growth company and industry leader around the globe. For more information, visit https://www.pivotree.com.