SMB Marketing Platform Wishpond Acquires CRM Essential Studio Manager

Wishpond, a Vancouver-based digital marketing platform targeting SMBs, has made an acquisition designed to enhance its product offering. 

The company announced this week it has acquired “certain assets” from Essential Studio Manager. The acquired company, based in Delaware, provides business management software, including invoicing and CRM, targeting service-based small businesses.

Wishpond says it made the acquisition to add pieces toward its long-term goal to become “a complete end-to-end customer lifecycle solution to small businesses.”

Here is what Wishpond Founder and CEO Ali Tajskandar had to say about the deal. 

“ESM has built a comprehensive suite of complementary business productivity solutions which we believe our customers will derive tremendous value from as part of Wishpond’s product offering. We expect this acquisition will provide significant benefits to small businesses, allowing them to streamline and automate their marketing and business processes, save time and money, and focus on growing their business.”

Tajskandar founded Wishpond in 2009. The company went public in December 2020.

First of the Year

The ESM acquisition is Wishpond’s first of the year. It is, however, the sixth acquisition Wishpoind has made since going public.

So according to Wishpond, the company generated revenues of $20.5 million in 2022. The company reports having about 4,000 customers. The 2022 revenue figure represented growth of 38% over the prior year. And Wishpond also managed to reduce its loss from $4.9 million in 2021 to $1.7 million in 2022.

Tajskandar says Wishpond is not finished making acquisitions.   

“We’ve begun to look at new tuck-in acquisition opportunities once again, and we are really excited about adding ESM as it furthers our mission to help small businesses grow and succeed.” 

ESM was founded in 2013 and reportedly has more than 150 customers. ESM’s focus is helping its SMB customers, most of them operating across various service verticals, manage their financial and CRM-related processes. These include invoicing, expense management, booking appointments, automated customer communication, digital contract signing, embedded forms, notifications, and more.

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