SYDNEY, AUSTRALIA: Pushpay has entered into a definitive agreement to acquire 100% of the ownership interests in Resi Media LLC for $150 million, a news release said.
The purchase price will be paid by the issue of $40 million of new Pushpay shares, with the balance paid in cash. The cash component will be funded by a combination of cash on hand and a debt facility of $90 million.
The transaction is expected to close by the end of August subject to satisfaction of customary closing conditions.
Resi Media is an end-to-end live streaming provider with top tier technology, delivering superior streaming quality and reliability. It offers a rapidly growing SaaS solution which includes live and multisite streaming software, enabled by hardware encoders and decoders.
Resi has a strong foothold in the US faith sector with over 70% of the Outreach 100 churches using Resi products.
Strategically compelling acquisition of a core vertical solution in the faith sector, with streaming services becoming a critical aspect of church engagement with their communities. Resi provides a leading product offering for the faith sector, which will strengthen Pushpay’s value proposition to its customers.
Pushpay CEO, Molly Matthews said, “Adding Resi’s top tier streaming solutions to our product suite will greatly enhance our value proposition to customers, allowing Pushpay to fully support churches’ digital engagement with their communities, and ensure Pushpay is staying at the forefront of church technology innovation.
We welcome the Resi team to Pushpay and look forward to working together in providing market leading solutions to the faith sector.”
Resi’s CEO, Paul Martel said, “This is not only an opportunity to align two mission-driven organisations, but also to build on the momentum which Resi has already generated by offering high quality and reliable live streaming services. Joining forces with Pushpay propels our ability to deliver seamless solutions which empower organisations to engage, monetise, and grow online, in-person and hybrid audiences at scale.”
Pushpay Holdings Limited, known as Pushpay, is a donor management system for charities operating within the United States.
It is publicly listed on the New Zealand Stock Exchange NZX and the Australian Securities Exchange ASX under the ticker code PPH. Pushpay joined the NZX50 Index in December 2017 and the ASX All Ordinaries Index in March 2018. Pushpay was added to the S&P/ASX All Technology Index upon its launch in February 2020
In December 2019, Pushpay acquired 100% of the ownership interests in Church Community Builder for a total cash consideration of US$87.5 million, subject to customary adjustments, funded through a combination of cash on hand and proceeds from an amortising senior secured debt facility of US$62.5 million. In November 2016, Pushpay acquired Bluebridge’s church app related business. www.pushpay.com