Business
Weyland Tech Provides Corporate Update
Weyland Tech Provides Corporate Update.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, March 19, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL) (OTCQX: WEYLD), a leading global provider of mCommerce platform-as-a-service (PaaS), eCommerce managed services and fintech solutions, has provided a corporate update. “Given the subscription-based model of our flagship CreateApp mCommerce platform and the benefits of digital customer interaction continuing to drive activity, we see limited impact on our core business from COVID-19,” commented Weyland Tech CEO, Brent Suen. “We’ve had recent minimal effect on productivity and customer service. To be sure, it remains a fluid situation, and we will continue to closely monitor developments and adjust accordingly.” In January, Weyland completed the acquisition of the Minneapolis-based eCommerce technology company, Push Interactive, which provides an eCommerce marketing solution for enterprises and major U.S. brands, including HomeAdvisor, QuinStreet and Sunrun. The integration has proceeded smoothly and is now virtually complete. Weyland reported earlier that it exited 2019 at an annualized run rate of more than $48.6 million, or $60.6 million on a combined pro forma basis with Push. This compares to $22.7 million in revenue for Weyland alone in 2018. Weyland continues to see growth in 2020, with an outlook aligned with industry analyst expectations for other e-Commerce companies like Amazon. Earlier today, JPMorgan analyst, Doug Anmuth, raised his first quarter revenue estimate for Amazon to $74 billion — $1 billion higher than Amazon’s own guidance range. According to Anmuth: “eCommerce will benefit as closings of physical stores and fear of public places should accelerate the secular shift of retail online, which we believe will prove sustainable even after the crisis ends.\" Push Interactive co-founder, CEO and president, Haig Newton, commented: “For Push, while we are seeing significant ‘noise’ in the channels related to the coronavirus, there has been some disruption on the demand side across our verticals. We are constantly innovating and adapting to drive traffic through our acquisition funnels to combat this. We are monitoring indicators in demand fluctuations for refinancing mortgages, debt consolidation, insurance plans, and home renovation projects.\" Weyland also rep...