Cloud-based mobile rewards platform provider, Perk, recently acquired AppRedeem, a platform for advertising rewarded mobile apps. The terms of the transaction meant that AppRedeem stockholders received an aggregate of 831,601 Perk common shares, valuing the company at $2.5m. Over the last 12 months, AppRedeem’s revenue was around $3.2m.
AppRedeem lets users test apps and provide feedback to marketers
Ted Hastings, Chief Executive Officer, Perk, says:
“We are excited to complete this transaction, and to be working with the team at AppRedeem. At a time when the fundraising landscape has a high degree of uncertainty, we have been afforded an opportunity as a public company to utilize stock as payment for this transaction; this has served to expedite our growth strategy without impacting our capital resources. This acquisition is consistent with the objectives we have stated of increasing our user base and advertising inventory as well as expanding our suite of products, which will assist in increasing CPM and fill rate over time. These types of transactions are a win for our three focus groups – our advertisers get exposure to more daily active users viewing their ads through to completion, our customer base gets access to a broader set of rewards and apps and our shareholders get an accretive deal.”
AppRedeem is an ad platform for mobile app discovery, branding and monetisation. It’s mobile app AppTrailers lets mobile users earn points for watching trailers of the latest apps. Points can be redeemed through AppRedeem’s “Real Rewards” system in exchange for gift cards or cash. According to the company, the app has been installed over 7.9m since June 2015 and users have redeemed over $7m in rewards.
Sheffield Nolan, Founder and Chief Executive Officer, AppRedeem, adds:
“The mobile rewards space is rapidly expanding and we have grown AppRedeem to the point where we are ready to broaden our reach. We considered going the course alone but with Perk, as an initial competitor of our business with a similar vision focused on complementary markets and publicly traded, it made sense to join forces and create a stronger company. We believe this transaction will further accelerate our growth and are proud to be a part of the Perk team.”