Wishpond reports 90% revenue growth in third quarter 2021 driven by organic growth from incremental investments
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For the period ended September 30, 2021, Wishpond achieved a record quarterly revenue of $3.9 million during 3Q of 2021, compared to $2.09 million in 3Q of 2020
Wishpond has developed a robust pipeline of potential acquisition opportunities that are expected to add revenue and EBITDA growth.
For the period ended September 30, 2021, Wishpond achieved a record quarterly revenue of $3.9 million during 3Q of 2021, compared to $2.09 million in 3Q of 2020.
The Vancouver, British Columbia-based digital solutions company said that the increase in revenue was primarily driven by higher organic growth from its incremental investment in its sales team and inorganic growth from the positive contribution of its acquisitions.
Wishpond generated 73% of its revenue in the United States, where the company’s growth remained remarkably strong with 104% year-over-year revenue growth in the US market.
“Third quarter 2021 was an outstanding quarter for Wishpond which demonstrated that our organic and inorganic growth strategy is working,” commented Ali Tajskandar, Wishpond’s CEO.
He added: “Wishpond’s revenue in Q3 increased by 90% YoY driven by the success of our expanded sales team, new product introductions, and the acquisitions of Invigo, PersistIQ, and Brax.”
Tajskandar told Wishpond’s investors that the company returned to positive adjusted EBITDA (earnings before interests, taxes, depreciation, and amortization) in the third quarter of 2021.
Wishpond reported a positive adjusted EBIDTA of $204,322 in the third quarter, compared to $175,653 in 3Q 2020.
Wishpond said that it is on track to achieve strong revenue growth in 4Q 2021 driven by increased capacity in the company’s sales team, positive contribution from its acquisitions, and new product-related revenues.
“In the first half of the year, we made investments in our product development and sales teams, which are now paying off for the company, as we are now exceeding $16M in annualized revenue run-rate,” Tajskandar said.
In addition, Wishpond has developed a robust pipeline of potential acquisition opportunities that are expected to add revenue and EBITDA growth as well as expand the company’s product and market capabilities.
Wishpond offers an “all-in-one” marketing suite that provides companies with marketing, promotion, lead generation, and sales conversion capabilities from one integrated platform. The company replaces entire marketing functions in an easy-to-use product, for a fraction of the cost, serving over 3,000 customers who are primarily small-to-medium size businesses (SMBs) in a wide variety of industries.
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