- Zoom2u Technologies (Z2U) acquires Local Delivery Shopify App from Enum for $880,000
- The acquisition includes all intellectual property associated with Local Delivery and existing customer relationships of around 570 eCommerce businesses in over 45 countries
- Zoom2u will utilise existing cash on hand to fund the acquisition, which will be paid on completion of the transaction
- The transaction is expected to be complete within the coming days
- Zoom2u Technologies’ shares have been up 17.7 per cent, trading at 40 cents
Zoom2u Technologies (Z2U) has acquired Local Delivery Shopify App from Enum for $880,000.
Zoom2u will utilise existing cash on hand to fund the acquisition, which will be paid on completion of the transaction.
The acquisition includes all intellectual property associated with Local Delivery and existing customer relationships of around 570 eCommerce businesses in over 45 countries.
Local Delivery allows eCommerce businesses using the Shopify platform to embed functions to enable customers to input a desired delivery date and time into their check out process.
This acquisition will enable Zoom2u to up-sell and cross-sell its Locate2u and Zoom2u products through the platform.
The Local Delivery App currently generates an annual recurring revenue of around $145,000.
Currently, Local Delivery has a low touch onboarding process which has led to low conversion of trials into paid subscribers. Z2U hopes to improve the onboarding process to make it easier for customers to integrate Local Delivery into their Shopify store, resulting in improved conversion rates and revenue.
“We will use the existing customer base of Local Delivery as a catalyst to expand in global markets including North America and the United Kingdom,” Zoom2u Founder and CEO Steve Orenstein said.
“The acquisition opens up significant opportunity to grow the Locate2u product globally.”
The transaction is expected to occur in the coming days.
Zoom2u Technologies jumped 17.7 per cent, trading at 40 cents at 1:10 pm AEDT.