Wishpond Acquires Shopify Shopping Cart Abandonment Tool
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In its fourth acquisition of the year Wishpond has acquired New York’s Winback, a SMS marketing solutions platform including a cart abandonment tool for use with Shopify.
The acquisition of WinBack provides Wishpond with an intuitive and user-friendly automated SMS marketing product and cart abandonment tool for Shopify merchants that can be sold to Wishpond’s existing e-commerce clients and create a stickier offering.
Winback is currently an exclusive app to Shopify whose product installs with one click. Winback’s technology is triggered when a shopper browses but doesn’t add anything to their cart. Winback’s customers can achieve 35x return on their investment. The product is extremely intuitive and user-friendly making it a great fit with Wishpond’s target customer base.
Wishpond paid $700,000 for Winback and the acquisition is expected to be an immediately accretive for the marketing platform, generating recurring revenue with healthy gross margins and positive cashflows.
“The synergistic attributes of this tuck-in acquisition are apparent and can be leveraged immediately with Wishpond’s existing customer base to drive sales and customer retention. The ability to sell and add this product to Wishpond’s existing packages will create a higher value product to our customers, resulting in higher MRR (Monthly Recurring Revenue) and increased retention and long-term value,” said Ali Tajskandar, Chairman and CEO of Wishpond. See the original article here