GetSwift Announces Two Strategic Acquisitions in North America
NEW YORK--(BUSINESS WIRE)--Feb 19, 2019--GetSwift Limited (ASX: GSW) (“GetSwift” or “the Company”), a leading provider of SaaS logistics technology, today announced the signing of a definitive agreement for the acquisition of the North American delivery management platform Delivery BIZ Pro and the acquisition of popular workforce scheduling provider, Scheduling+.
Delivery BIZ Pro (“DBP”) is a privately held SaaS company based in the United States that offers a subscription-based cloud service for businesses with recurring product orders particularly within the produce, meal kit, dairy, farm-to-table, water, home and commercial delivery sectors. DBP’s platform brings together four key components that allow recurring delivery industry sectors to employ the best methodology for their logistics fulfillment.
“Delivery BIZ Pro is a proven and leading delivery management system in the attractive recurring delivery market in North America,” said Bane Hunter, CEO, GetSwift. “With its diverse product offering including front-end ordering, route mapping and business intelligence, DBP and GetSwift will enable customers to have an end-to-end last mile solution in key markets. We are very excited about the potential to leverage our infrastructure and resources for our combined growth.”
Scheduling+ (“SP”) is the flagship product of a privately held SaaS company based in the United States, Web Software, LLC, that combines staff scheduling, task management, time and attendance recordkeeping, and payroll into one easy to use subscription-based cloud solution, which allows businesses of all sizes to reduce the amount of time spent on employee management and optimize human capital management.
“Employee scheduling is a major pain point for many of our customers and a dependency when scaling delivery growth. Integrating Scheduling+ into GetSwift’s platform provides a best-in-class scheduling solution for our clients - one that will fully integrate into our platform,” Hunter said. “In addition to offering scheduling services to GetSwift clients, Scheduling+ represents a tremendous global growth opportunity to penetrate and automate the antiquated workforce scheduling market for small, medium, and enterprise customers. Instead of having to partner with external providers for this function we are now able to offer this as a comprehensive proprietary solution. We are excited about the new growth platform that SP brings to our business.”
Key employees from both companies, including their founders who will be incentivized to remain for at least 2 years, will be joining GetSwift and will be integrated into the existing team. Hunter said, “We are excited to expand the size of GetSwift’s product offerings, and add technical, product, sales and marketing expertise, with acquisitions that we believe will create long-term shareholder value.”
“Delivery BIZ PRO has focused on delivering innovative SaaS solutions to the large and growing farm-to-table market in North America, among other sectors, for the last ten years,” said Judd Payne, CEO and co-founder of Delivery BIZ PRO. “We’ve had a myriad of options, but the opportunity to become a part of GetSwift and to work closely with its executive management was a very important factor for us. We aim to leverage the sales and growth infrastructure of GetSwift, expand our scale, and accelerate our ability to penetrate the last mile delivery market with our joint cloud-based solution.”
“There are over 2 billion hourly paid workers and drivers globally and many employers are using outdated methods to manage their workforce. The addressable market opportunity is very large for our cloud-based scheduling software,” said Erick Prohs, CEO and co-founder of Scheduling+. “Joining GetSwift’s SaaS platform allows us to leverage best-in-class global management, sales, product, and engineering teams to accelerate our ability to provide our scheduling services to businesses to optimize and increase the efficiency of their hourly workforce operations. We are very excited by the potential of what our combined platforms will deliver.”
Details Regarding the Acquisitions
The board of directors of GetSwift has unanimously approved the transactions.
As part of the acquisition of Scheduling+, GetSwift will no longer rely on third party scheduling solutions on its platform and will replace them with Scheduling+ and its forthcoming AI components.
Under the terms of the transactions, GetSwift acquisition consideration for the assets of DBP and for SP is comprised of USD $4.5 million in cash, plus assumption of liabilities, with a USD $1 million payment structure for Scheduling+ over a 12-month period. GetSwift will fund the cash consideration with cash from its balance sheet. The transaction is not subject to any financing condition. Evershed Sutherland LLP acted as legal advisor to GetSwift on these transactions.
GetSwift is an emerging growth company and is subject to a variety of risks. The Company is not yet profitable, and there can be no assurance that it will achieve profitability. The Company’s business and a variety of investment considerations are discussed in more detail in the Company’s filings with the Australia Securities Exchange (ASX). Investors are encouraged to review the more complete information contained in such filings.
About GetSwift Limited
Technology to Optimise Global Delivery Logistics
GetSwift is a worldwide leader in delivery management automation. From enterprise to hyper-local, businesses across dozens of industries around the globe depend on our SaaS platform to bring visibility, accountability, efficiency and savings to their supply chain and “Last Mile” operations. GetSwift is headquartered in New York City and is listed on the Australian Securities Exchange (ASX:GSW). For further background, please visit GetSwift.co.
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PUB: 02/19/2019 05:06 PM/DISC: 02/19/2019 05:06 PM