Pushpay’s US$25m placement to boost monthly revenue to US$100m

Company News

by Jessica Amir

Pushpay Holdings (ASX:PPH) is undertaking a US$25 million private placement to accelerate its growth. As a result, it increased its annualised committed monthly revenue (ACMR) target to US$100 million by 31 March 2018.

The phone app company’s US placement will be led by Ord Minnett and Deutsche Craigs Limited, with the new shares to be placed and trading on 19 July 2017.

Pushpay plans to use the funds to further accelerate its expansion and it also targets year-on-year annualised committed monthly revenue growth of over 100 per cent.

The company says it will advance its account based and field sales strategy, to gain a greater share of the medium and large church segment.

The company has 10 of the top 20 largest American churches on its customer base, and just last quarter 6 of the top 100 started using Pushpay’s software.

Shares in Pushpay Holdings (ASX:PPH) entered into a trading halt today (12 July 2017) and are expected to resume trading tomorrow (13 July 2017), but it last traded at $1.59.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.