Sinch AB, a global cloud communications for mobile customer engagement firm, has entered into a definitive agreement to acquire myElefant SAS for an upfront cash consideration of £16.5m with an additional cash earnout of up to £2.7m within two years if certain gross profit targets are met.
Founded in Paris in 2010, myElefant has built a cloud-based software platform for mobile engagement using rich, interactive messaging. Its low-code design tools let businesses create immersive media experiences with minimal coding or development resources. The company has pioneered the use of mobile landing pages and is an early adopter of conversational messaging technologies like RCS, Facebook Messenger, and WhatsApp.
Oscar Werner, CEO of Sinch said: “Through advanced yet easy-to-use software, myElefant has successfully shown how next-generation messaging can drive tangible and measurable business outcomes. With myElefant as a part of Sinch, we can offer our global customer base and established ecosystem partners a sophisticated software platform, with powerful real-time analytics, that offers a step-change in customer experience.”
The myElefant SaaS (Software-as-a-Service) platform is currently used by more than 160 enterprise customers. Advanced mobile landing pages, that are unique to each recipient, let businesses combine the unrivalled, 100 percent reach of SMS with the rich media capabilities, interactivity, and analytics that a web page can offer. Customers include brands such as Orange, Nespresso and Nissan.
The transaction is expected to close in early October 2019 and will be financed using Sinch’s available credit facilities. Handelsbanken Capital Markets is serving as a financial advisor to Sinch for the acquisition.