Wishpond buys Viral Loops
By Adnews Staff
Vancouver-based marketing technology company Wishpond has acquired Viral Loops, a company specializing in referral marketing software and based in London, UK. The firm’s service allows businesses to develop and manage referral campaigns for their products. The total purchase price is approximately US$2,300,000, consisting of an initial payment of US$1,380,000 and a one-year performance-based payment of a maximum of US$920,000.
“Viral Loops has built a company with tremendous brand recognition in the industry and has demonstrated consistent, strong revenue and EBITDA growth,” said Ali Tajskandar, chairman and CEO of Wishpond. “Besides growing Viral Loops as a stand-alone business, we believe there are tremendous cross-sell opportunities for offering referral marketing solutions to Wishpond's existing customer base of over 3,000 small to medium sized businesses.”