Wishpond Announces Acquisition of Brax.io
Brax.io is expected to be an immediately accretive acquisition for Wishpond, generating Software-as-a-Service (SaaS) revenue of approximately US$1.5 million over the past 12 months, with healthy gross margins of 80% and EBITDA margins exceeding 15%. Brax.io's proprietary ad management platform is expected to expand Wishpond's product offering, enable significant cross selling opportunities and increase the Company's growth prospects. VANCOUVER, BC, Aug. 30, 2021 /PRNewswire/ - 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 entered into an asset purchase agreement (the "APA") to acquire certain assets and specific liabilities from AtlasMind Inc. (d/b/a) Brax.io ("Brax"), to be effected through a wholly owned subsidiary of the Company (the "Acquisition") for total consideration of approximately US$2.0 million. Based out of New York, Brax is a rapidly growing and profitable technology company that offers a robust advertising platform for the management of a company's digital ads across multiple sources. Brax is expected to expand Wishpond's technology and capabilities into the adjacent market for digital ad management software solutions. https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/wishpond-announces-acquisition-brax-io-110000635.html