Pushpay acquires 'church app' rival
New Zealand payment gateway provider Pushpay, a specialist in the United States "faith sector" payments market, has launched a takeover offer for rival "church app" company Bluebridge Digital.Pushpay Holdings has entered into an agreement to acquire Bluebridge for US$3.1 million.The acquisition will be cash funded from the proceeds of Pushpay's A$40 million private placement and listing on the Australian Securities Exchange last month.Pushpay was started in 2011 and is also listed on the NZX Main Board. It claims to service 5000 of 340,000 US churches.It says US$119 billion was given to US churches in donations in 2015, with "digital giving" accounting for around 30 per cent of that amount.Its products include echurch Apps, which allows churches to customise their own branded apps, and Envelope Giving, which digitises traditional envelope-based church donations.Pushpay said in a statement that the acquisition would increase its "total available market" from US$1.5 billion to US$2.2 billion.Pushpay also released unaudited results for the six months to September, reporting a loss of US$11.3 million for the half, compared with a loss of US$4.2 million for the previous corresponding period.Revenue grew from US$2.9 million to US$12.1 million. Expenses rose from US$7.4 million to US$23.4 million.