SAN LUIS OBISPO, Calif., Sept. 22, 2014 (GLOBE NEWSWIRE) -- via PRWEB - SpendSmart Networks, Inc. (OTC:SSPC) ("SpendSmart" or "the Company"), a provider of digital customer loyalty systems and services, today announced that it acquired the eCommerce Solutions division of TechXpress, Inc., also based in San Luis Obispo, CA, for a combination of stock and cash equal to a purchase price of $1.2 million.
The acquired business provides premier and personalized website, eCommerce and mobile app development services, as well as web marketing tools and analytics. SpendSmart will integrate these solutions with its existing loyalty program offerings, thus enhancing its value proposition.
Alex Minicucci, CEO of SpendSmart, stated, "We believe this acquisition uniquely positions SpendSmart as an integrated, advanced digital customer loyalty solutions provider. We identified healthy demand within our existing base of merchants for web solutions, which led us to seek an expansion of our current platform. This division of TechXpress has an extensive client base and years of experience providing premier web/eCommerce design and services, primarily to consumer goods manufacturers and resellers. Combining these capabilities with our mobile customer loyalty system yields a more comprehensive suite of digital engagement solutions, including strategic marketing services that leverage our sophisticated data collection and analytics. We expect to deliver greater intelligence and insights into our business network and customers' purchasing behavior and overall experience, as well as close the transaction loop by guiding consumers to our new mobile/web/eCommerce platform."
Mr. Minicucci continued, "SpendSmart will continue to provide TechXpress' existing client base with uninterrupted high quality web development and eCommerce services while also introducing our loyalty offerings. This business currently services a base of approx 50 national merchants with millions of online consumers. We believe there is considerable opportunity for growth in this area through marketing initiatives."
Mr. Minicucci concluded, "With this acquisition comes an impressive, scalable back-end system for managing websites, and more importantly, a talented team of developers that have extensive experience with transaction-based sites designed to influence purchasing behavior. We are enthusiastic about our teams joining forces to cultivate our unique platform of mobile and web-based systems and services that drive customer engagement at every stage of the business relationship cycle."
About SpendSmart
SpendSmart Networks provides proprietary loyalty systems and a suite of digital engagement and marketing services that help local merchants build relationships with consumers and drive revenues. These services are implemented and supported by a vast network of certified digital marketing specialists, aka "Certified Masterminds," who drive revenue and consumer relationships for merchants via loyalty programs, mobile marketing, mobile commerce and financial tools, such as prepaid card and reward systems. Consumers' dollars go further when they spend it with merchants in the SpendSmart network of merchants, as they receive exclusive deals, earn rewards and ultimately build a connection with their favorite merchants. For more information on SpendSmart, please visit http://www.spendsmartinc.com .
Contacts:
Alex Minicucci, CEO
SpendSmart Networks Inc.
877-541-8398
http://www.spendsmartinc.com
Investor Relations Counsel:
The Equity Group Inc.
Carolyne Y. Sohn, 415-568-2255, csohn(at)equityny(dot)com
Adam Prior, 212-836-9606, aprior(at)equityny(dot)com
http://www.theequitygroup.com
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SMS Masterminds Carolyne Y. Sohn +1 8775418398
