Digital church giving and management company Pushpay continues to bolster its presence in the United States with the acquisition of faith-focused streaming platform Resi Media for US$150 million ($219.3m).
The deal will comprise US$110m in cash and US$40m of Pushpay shares, Pushpay told the NZX this morning.
It's NZX-listed Pushpay's second big acquisition after buying Colorado rival Church Community Builder for $132m in 2019.
The acquisition is expected to close by the end of August subject to satisfaction of customary closing conditions, according to the NZX filing.
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Advertise with NZME.US-based Resi Media services more than 70 per cent of the Outreach 100 largest churches in the United States, according to Outreach Magazine.
Resi's offerings include live streaming services to web, social media and mobile apps, as well as multisite streaming which delivers video to remote locations.
Pushpay chief executive Molly Matthews said "Adding Resi's top tier streaming solutions to our product suite will greatly enhance our value proposition to customers, allowing Pushpay to fully support churches' digital engagement with their communities, and ensure Pushpay is staying at the forefront of church technology innovation.
"We welcome the Resi team to Pushpay and look forward to working together in providing market-leading solutions to the faith sector," Matthews said.
While the move does consolidate the strength of the Pushpay offering, the company still faces competition from low-cost operator Tithe.ly.
A Herald report in May indicated that Tithe.ly had added 12,000 customers in the first of 2021 to Pushpay's 309.
Pushpay reported operating earnings that more than doubled to $58.9m for the 12 months to March 31, 2021, and forecast operating earnings between US$64m and US$69m for FY2022.
Pushpay shares had risen 3c to $1.68 by 12:30pm.
