- Viral Loops is experiencing revenue growth due to expanding its
sales capacity and from cross-selling and bundling opportunities
with new and existing Wishpond customers.
- Wishpond also announces the grant of incentive stock options,
restricted stock units and performance share units under the
Company's Omnibus Equity Incentive Plan.
VANCOUVER, BC, Oct. 3, 2022
/CNW/ - Wishpond Technologies Ltd. (TSXV: WISH) (OTCQX:
WPNDF) (the "Company" or "Wishpond"), a provider of
marketing-focused online business solutions, is pleased to announce
it has completed the integration of its recently acquired
subsidiary, Viral Loops Technologies Inc. ("Viral Loops"),
resulting in improving growth in the combined businesses due to
greater cross selling and bundling opportunities with larger deal
sizes. Viral Loops is witnessing increasing revenue and customer
growth since being acquired by Wishpond in April 2022.
Ali Tajskandar, Chairman and CEO of Wishpond commented,
"Integrating Viral Loops with Wishpond has been an incredibly
exciting opportunity for us. Our ability to offer Viral Loops to
our clients has been extremely valuable, as the platform offers a
perfect synergy with Wishpond's existing solutions. We can't wait
for more of our clients to start tapping into Viral Loops'
potential to grow their businesses. We expect that incorporating
Viral Loops products into Wishpond's already-proven sales strategy
will allow us to maintain strong growth from the platform. Wishpond
is well positioned to accelerate its future growth with the help of
Viral Loops."
Viral Loops is a referral marketing software platform that helps
companies acquire new customers and increase sales through the
power of word-of-mouth and referral marketing. Viral Loops now
helps more than 800 customers unlock their viral growth through
powerful referral marketing solutions. It allows businesses to
design, create and manage referral programs that reinforce customer
loyalty, attract new customers and decrease customer acquisition
costs. Viral Loops provides its customers with customizable
templates for referral marketing campaigns where customers can
refer various products within their network in exchange for
rewards.
Wishpond now offers Viral Loops products to Wishpond's
customers, allowing Viral Loops to reach a larger customer base
while increasing the value of Wishpond's bundled packages and the
Company's Average Revenue Per User (ARPU). Wishpond's customers
benefit from having access to a wider range of solutions to grow
their online business.
The completed integration of Viral Loops with the Wishpond
platform allows contacts and data to be synchronized between Viral
Loops and Wishpond, enabling Wishpond customers to grow their
business with referrals and Viral Loops customers to use Wishpond's
platform for their marketing activities. Hence, Viral Loops is able
to offer sales packages that include Wishpond's products, providing
a variety of online marketing solutions previously unavailable to
Viral Loops' customers.
"Viral Loops has traditionally relied on inbound traffic to
acquire new customers, but we've now been able to combine our
strong organic inbound marketing channel with Wishpond's outbound
sales engine to boost revenue growth", commented
Dimitris Tzortzis, General Manager
of Viral Loops. "Viral Loops is fortunate that it is able to
tap into the sales processes and bench strength of Wishpond,
adopting its proven sales practices for lead prospecting, sales
development and sales pipeline management".
Viral Loops has completed additional new integrations and
enhancements that have further contributed to its revenue growth.
For example, Viral Loops released a new integration with the Adobe
Marketo Engage email marketing automation platform. This allows
Viral Loops to be seamlessly integrated in the marketing stack of
customers who are using Adobe Marketo Engage and want to grow their
subscriber base with referrals.
Viral Loops is also leveraging Wishpond's shared account
management services that allow Wishpond to provide Viral Loops with
an enhanced sales team and services which will provide more growth
opportunities for small businesses. Viral Loops has also optimized
its pricing plans, introduced new packages and optimized website
sign up processes to increase inbound conversion rates.
Viral Loops' proprietary technology tracks and manages the
effectiveness and results of the referral program and enables
customers to manage the distribution of the rewards and discounts
arising from the campaign. Most recently, a financial services
company successfully launched its new fintech mobile app in the US
market by using Viral Loops, achieving 30% growth through referrals
from early adopters.
Grant of Incentive
Awards
Wishpond also announced the grant of 75,000 incentive stock
options ("Options"), 475,000 restricted stock units
("RSUs") and 1,150,000 performance share units
("PSUs") (together, the "Awards") under the Company's
Omnibus Equity Incentive Plan ("Plan") to certain directors
and officers, employees, contractors and investor relations
advisors to purchase an aggregate of up to 1,700,000 shares in the
capital of the Company. The Options were granted effective
September 30, 2022 and the RSUs and
PSUs were granted effective October 1,
2022 ("Grant Date"). A summary of the Awards
granted is as follows:
- An aggregate of 200,000 RSUs were granted to certain directors
and officers of the Company, with the balance 275,000 RSUs granted
to employees and contractors of the Company. The RSUs vest over two
years, with 50% of the RSUs vesting on the first anniversary of the
Grant Date and the remaining RSUs vesting in four equal
installments over the next four quarters.
- An aggregate of 1,150,000 PSUs were granted to certain officers
of the Company. The PSUs vest on the one-year anniversary of the
Grant Date based on the achievement of certain specific performance
metrics approved by the board of directors of the Company (the
"Board").
- An aggregate of 75,000 Options were granted to Angad Capital
Inc., a provider of corporate strategy, capital markets advisory
and investor relations services to Wishpond, to purchase an
aggregate of 75,000 common shares in the capital of the Company at
an exercise price of $0.70 per share.
The Options are granted pursuant to the Plan and will vest
quarterly over twelve months in accordance with the provisions
therein and the policies of the TSX Venture Exchange.
WISHPOND TECHNOLOGIES LTD.
On Behalf of the
Board
Per: "Ali Tajskandar"
Chairman and Chief Executive Officer
About Wishpond Technologies
Ltd.
Based out of Vancouver, British
Columbia, Wishpond is a provider of marketing-focused online
business solutions. Wishpond's vision is to become the leading
provider of digital marketing solutions that empower entrepreneurs
to achieve success online. The Company offers an "all-in-one"
marketing suite that provides companies with marketing, promotion,
lead generation, and sales conversion capabilities on one
integrated platform. Wishpond replaces disparate marketing
solutions with an easy-to-use product, for a fraction of the cost.
Wishpond serves over 4,000 customers who are primarily small and
medium-sized businesses (SMBs) in a wide variety of industries. The
Company has developed cutting-edge marketing technology solutions
and continues to add new features and applications with great
velocity. The Company employs a Software-as-a-Service (SaaS)
business model where substantially all the Company's revenue is
subscription-based recurring revenue which provides excellent
revenue predictability and cash flow visibility. Wishpond is listed
on the TSX Venture Exchange under the ticker "WISH", and on
the OTCQX Best Market under the ticker "WPNDF". For further
information, visit: www.wishpond.com.
Forward-Looking
Statements
This press release may contain certain forward-looking
information and statements ("forward-looking information")
within the meaning of applicable Canadian securities legislation,
that are not based on historical fact, including without limitation
statements containing the words "believes", "anticipates", "plans",
"intends", "will", "should", "expects", "continue", "estimate",
"forecasts" and other similar expressions. Forward looking
statements in this news release include statements about Wishpond's
expected growth from the acquisition and integration of Viral
Loops, statements regarding the business, operations, financial
outlook and performance and operations of Viral Loops, and
statements regarding anticipated financial results. There are
numerous risks and uncertainties that could cause actual results
and Wishpond's plans and objectives to differ materially from those
expressed in the forward-looking information, including: (i)
geopolitical risks; (ii) macroeconomic, inflationary and interest
rate risks; (iii) COVID-19 and related pandemic risks; (iv)
difficulties and delays associated with integrating and growing the
Viral Loops business; (v) foreign operations risks; (vi) other
factors beyond the control of the Company; and (vii) risks outlined
in Wishpond's publicly filed documents available on SEDAR. Readers
are cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ
materially from those contemplated by these statements. The Company
undertakes no obligation to comment analyses, expectations or
statements made by third-parties in respect of the Company, its
securities, or financial or operating results (as applicable).
Although the Company believes that the expectations reflected in
forward-looking information in this press release are
reasonable, such forward-looking information has been based
on expectations, factors and assumptions concerning future events
which may prove to be inaccurate and are subject to numerous risks
and uncertainties, certain of which are beyond the Company's
control, including, but not limited to, the risk factors discussed
in the public disclosure documents of the Company which such risk
factors are incorporated herein by reference and are available
through SEDAR at www.sedar.com. The
forward-looking information contained in this press release are
expressly qualified by this cautionary statement and are made as of
the date hereof. The Company disclaims any intention and has no
obligation or responsibility, except as required by law, to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Wishpond Technologies Ltd.