NEW YORK, Aug. 26, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of eCommerce, mCommerce, and fintech business enablement solutions, has reached a definitive agreement that increases its beneficial stake in PT Weyland Indonesia Perkasa (WIP), operator of the AtozGo™ food delivery service and AtozPay™ mobile e-wallet, from 31% to 51%.
Due to Weyland’s historical financial support of WIP totaling $4.5 million, the transaction will be completed at no new cost to Weyland. The majority ownership will allow Weyland to consolidate WIP’s revenue in future quarters.
Since its inception in 2018, AtozPay has continued to log an increasing number of financial transactions through its e-wallet platform, totaling more than $9 million in gross transaction volume so far this year. This growth is largely attributed to the greater adoption of mobile commerce and contactless transactions, with the volume of transactions increasing monthly since the beginning of the global COVID-19 pandemic.
Altogether, AtozGo and AtozPay are generating an annualized gross transaction run rate of more than $20 million. The growth in customer acquisition and related consumer data has been the most valued aspect of both platforms, which continues to attract key partners and additional interest.
Weyland recently partnered with ShopeePay, one of Indonesia’s largest integrated e-money services, to launch a new co-marketing campaign for AtozGo in Jakarta, Indonesia, along with the mutual technology and service offering integration of both platforms. Jakarta is expected to become the largest city in the world by the end of the decade, reaching a population of more than 35 million.
“We are increasing our stake in WIP because of its demonstrated and continued success with AtozPay and AtozGo and the increased attention from companies like ShopeePay,” noted Weyland Tech CEO, Brent Suen. “We’ve been approached by several large multi-national tech companies interested in strategic access to Indonesia, as well as potential partnership launches internationally. Our new ShopeePay relationship coupled with these current discussions indicate significant opportunities ahead.
“Gaining 51% control of WIP will also position Weyland to take better advantage of any potential ‘strategic alternatives' with AtozGo and AtozPay, as mergers and acquisitions, as well as business in general, in this region of the world continue to heat up.”
The transaction is expected to be completed within the next two weeks upon satisfaction of certain transaction requirements. Further details will be made available in a Current Report on Form 8-K to be filed by Weyland Tech with the Securities and Exchange Commission, and available at sec.gov and from the investor section of the company’s website at weyland-tech.com.
About Weyland Tech
Weyland Tech, Inc. (OTCQX: WEYL) is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its CreateApp™ platform-as-a-service enables small-and-medium sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateApp empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. CreateApp is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia.
Weyland’s subsidiary, Logiq Inc., provides a data-driven, end-to-end eCommerce marketing solution for enterprises and major U.S. brands, like Home Advisor, QuinStreet and Sunrun. The AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s AtozPay™ subsidiary offers mobile payments, e-wallet, and the AtozGo™ hyper-local food delivery services in Indonesia, which has the fastest-growing mobile economy in Southeast Asia. For more information about Weyland Tech, go to weyland-tech.com.
