Redmond-based church software company Pushpay is no longer trading on New Zealand's Exchange or the Australian Securities Exchange.
On Friday, the company completed its $1 billion acquisition by private equity firms Sixth Street, headquartered in San Francisco, and BGH Capital, headquartered in Melbourne, Australia. According to Pushpay CEO Molly Matthews, although the company was founded by New Zealanders, 98% of the company's revenue now comes from U.S. customers.
"Over the last eight years that we've been publicly traded, we've really migrated our business to be U.S.-centric," Matthews said. "Our entire management team now sits in the U.S."
Matthews said going private frees Pushpay of the burden of reporting its entire financials publicly twice a year, the requirement for the NZX and the ASX. As for why the company chose a private equity acquisition as opposed to an acquisition from another company in a similar market, Matthews said the company wanted buyers that shared its vision for growth, not buyers who simply want to gain market share by acquiring a competitor.
Pushpay, founded in 2011, helps churches and parishes launch apps, manage giving and engage with members. In 2021, Pushpay acquired streaming provider Resi Media for $150 million in cash and stock. The company generated $103 million in revenue during the six months ended Sep. 30, up 10% year over year. Pushpay had 14,602 customers at the end of September.
Matthews took over the CEO role in March 2021. She said the company has more than 550 employees and doesn't have layoffs planned. She added that the company is profitable and tries to be smart about its growth, but Pushpay is looking to grow its sales, marketing and product teams.
Matthews said the company has about 125 employees based out of Redmond, including roles in marketing, leadership, customer success and finance. Pushpay occupies the top floor of the Redmond Technology Center but could downsize its footprint as leases expire, she added.
As for whether the company is planning for a public offering on any U.S. exchanges, Matthews said Pushpay's short-term focus is to grow the company first.
"As it sits as a private company, there's a bit more flexibility and agility that affords you to try to really think about the three-year arch of the business, or the five-year arch of the business, as opposed to thinking in those shorter-term reporting periods," Matthews said. "I definitely wouldn't take it off the table, but I think there's so much work to be done internally before we would be ready to have that conversation."
Editor's note: The story has been changed to update Pushpay's acquisition value. It was originally announced as $898 million.
