Irish digital marketing software company Xtremepush is reportedly seeking acquisitions worth up to €15 million after successfully raising €4.25 million in funding from Beechbrook Capital.
The acquisition strategy, according to co-founder and chief executive officer Tommy Kearns, will support the organic growth of the company and help ‘put boots on the ground’ in the US.
“Our strategy is to continue to grow Xtremepush organically and through acquisitions,” Kearns told the Irish Times. “For example, we are looking at potential deals in the area of machine learning. We’re also going to put boots on the ground in New York.”
Kearns explained that while Xtremepush remains interested in ‘bolt-on’ acquisitions in the range of €2-€5 million, the relationship with Beechbrook offers more ‘firepower’ to target larger buyouts.
He explained that the company has already held discussions with potential acquisitions, but ‘nothing deep enough yet’ for a deal.
In addition to driving its US expansion, Xtremepush highlighted that the additional funds from Beechbrook will be used to enlarge its European operations – having already established offices in several central and eastern European cities, as well as Turkey.
Xtremepush, which offers digital marketing solutions to its customers, has set a target of €40 million in annual recurring revenues over the next three years – as Kearns pointed out that the company has been ‘profitable since the business was 20 months old’. Its clients currently include Paddy Power Betfair, AIB, Leinster Rugby and McDonalds.