Dublin tech firm Xtremepush has announced Beechbrook Capital as its new capital partner, having secured €4.25m funding to support the business’s global growth and acquisition strategy.
A leading customer engagement, personalisation and data platform, Xtremepushwas founded by CEO, Tommy Kearns, and CTO, Dr. Kevin Collins, in 2014.
In December 2019 it completed the acquisition of Alchemetrics, a UK agency specialising in bespoke Customer Data Platforms. This followed the 2018 acquisition of Emailcenter, a long-established UK email service provider.
The company is now well capitalised to accelerate its acquisition strategy and plans to act swiftly on its acquisition trail, with longer-term goals that would see Xtremepush established as a €40m ARR business within 36 months, the business principals say.
The growth capital is also earmarked for expansion of the company’s US sales, operations and tech team, as well as continued hiring across European offices.
The business has enjoyed practically 100% year-on-year growth since it was founded and employs a workforce of over 65 in offices in Dublin, the UK, North America, and Central and Eastern Europe.
Uniquely, Xtremepush has developed a comprehensive tech stack, offering push marketing clients a single, unified platform for customer understanding, engagement and decisioning.
From its Irish headquarters, the business services a global portfolio of brands across multiple verticals including retail banking, eCommerce, travel and transport, publishing and media, hospitality and sports betting and gaming.
Xtremepush is still aggressively growing and hiring, and plans are for extensive organic growth in the US, according to CEO and co-founder, Tommy Kearns.
“The investment from Beechbrook Capital comes at an opportunistic time; when the business is primed for major expansion. From a successful bootstrapped company, Xtremepush is now moving to a new phase, planning a high growth trajectory through both organic and acquisition growth.
”Beechbrook Capital is a specialist European lower mid-market lender with a dedicated Irish SME debt fund headquartered in Cork. Xtremepush looked to the European market for potential capital partners and, its owners say, found a strong partner in Beechbrook that wants to be invested in the Xtremepush journey over the next three to five years.
“Beechbrook Capital bought into the Xtremepush strategy and our vision for global growth because of the high-quality profitable platform we offer to the market, combined with an experienced management team and successful track record”, Kearns says.
John O’Sullivan co-head of Beechbrook Capital Ireland commented: “We were impressed by the drive and vision of the management team, the impressive growth rates achieved over the last few years and the international scale-up plans for the future. We are pleased to have made this investment to support further growth and look forward to working with the management team over the next few years as they embark on their expansion strategy.”
While Covid-19 initially saw Xtremepush impacted in the hospitality and transport vertical, the business has returned to growth with strong consistent performance in the e-commerce, media and banking sectors, and a recent renewal in the gaming and betting side of the business.
The company has steadily collected accolades and industry-recognition worldwide. In 2019, it was recommended in Gartner’s Magic Quadrant for MobileMarketing Platforms, an unprecedented achievement for a relatively young, non-VC backed company.
In the same year, Xtremepush received the inaugural Deloitte Financial Services Innovation Award for Customer Experience, as well as the SBC Award for Best Marketing and Services Provider.
Xtremepush was advised through the transaction with Beechbrook Capital by FinRes Corporate finance and Byrne Wallace Solicitors on the legal aspects. Beechbrook was advised by Grant Thornton Corporate Finance and Ronan Daly Jermyn Solicitors.
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Xtremepush is a world-leading customer engagement, personalisation and data platform. It is purpose-built for delivering mobile-first, multichannel customer experiences.
The company’s offering enables brands to acquire new customers and communicate more effectively with existing ones through automated, real-time and relevant messaging. It works with a global portfolio of clients including Bank of Ireland, AIB, McDonald’s, INM PLC, Dublin Airport (daa), Big Bus Tours, RTE, Wowcher, LiveScore, Oddschecker, Paddy Power Betfair and many more.
The company is unique as it completely owns its entire technology, end-to-end, supporting a single customer view, as the business continues to develop ‘One Platform’ to serve all marketing needs. The deep data capabilities Xtremepush offers ensures the business is a go-to multichannel marketing hub for enterprise brands.
65 people are employed across Xtremepush operations in Ireland, the UK, the US, Ukraine, Lithuania, Turkey, Poland, the Czech Republic and Romania.
Beechbrook Capital, a specialist private debt fund manager founded in 2008, invests in SMEs across a range of industries in Europe. To date, it has raised more than €800m through six funds and has invested in over 70 companies in the European lower mid-market.
Beechbrook’s funds provide finance to SMEs in Europe, investing between €2mand €15m per transaction.
The Beechbrook team consists of 20 plus investment professionals located in London, Cork, Dublin, Manchester, Birmingham and Frankfurt.