WeCommerce Signs Definitive Agreement to Acquire Stamped for up to US$110 Million
Adds a leading provider of reviews, ratings, loyalty and rewards programs for merchants in the Shopify partner ecosystem and offers an attractive platform for growth
Aligns with WeCommerce’s strategy to start, buy and invest in businesses in the Shopify partner ecosystem
Majority of the combined business’ revenue expected to be recurring subscription revenue
US$85 million upfront consideration, comprising US$75 million in cash and US$10 million in common shares of WeCommerce
Upfront cash consideration to be funded from cash on hand and a new senior secured credit facility with a syndicate of lenders led by JPMorgan Chase Bank, N.A.
WeCommerce Holdings Ltd. is pleased to announce that it has signed a definitive purchase agreement (the “Purchase Agreement”) to acquire substantially all of the assets of Stamped.io Pte. Ltd. (“Stamped”) for up to US$110 million (collectively, the “Acquisition”). Stamped is a leading SaaS platform enabling online merchants to implement and manage customer reviews and loyalty programs through Shopify and other ecommerce platforms.
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Since its launch in 2016, Stamped has grown to approximately US$11 million annualized recurring subscription revenue1 as of the month ending December 31, 2020, reflecting an estimated growth rate of over 100% compared to the same period in 2019, with minimal spend on customer acquisition. Net revenue retention1 is estimated to be approximately 125% in the fourth quarter of 2020.
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“Merchants turn to Stamped to build social trust and power customer engagement. Stamped’s strong growth is a testament to its product-first focus and customer obsession,” said Chris Sparling, CEO of WeCommerce. “We are thrilled to welcome Stamped into the WeCommerce family and are excited about its future growth potential.”
“We could not be more excited to join WeCommerce,” said Tommy Ong, Founder and CEO of Stamped. “WeCommerce’s management team brings over a decade of experience developing similar businesses, which is expected to help us accelerate growth. Amongst many suitors, we chose WeCommerce because of their founder friendly approach, straightforward deal structure, and focus on the long term”