Mobile development company Sush Mobile kicked off in 2008 and quickly gained a solid reputation for its various apps and solutions. And just six years later it has been bought by Asia Pacific financial tech company Finzsoft for $1.9 million.
Marketing and sales coordinator Derrick Olivier says Sush Mobile, which has developed over 100 mobile solutions for a range of clients across New Zealand and Australia, has worked with Finzsoft in the past to create solutions for building societies, credit unions and banks like St George Bank in Australia. It obviously liked what it saw. And he says the primary reason for going ahead with the deal, which will see Sush operate as an independent subsidiary under the Finzsoft umbrella, was to expand into the other markets (Finzsoft has been around for 25 years, has offices in Singapore, Malaysia, Australia and Auckland and employs in excess of 40 staff).
Sush Mobile has 30 staff in its Auckland and Wellington offices and while Olivier says it has ambitions to keep the company "human-sized" at between 50-60 staff, it will obviously require more than that if it opens new offices.
He says some of its high-profile apps for the likes of Kiwibank, Southern Cross, The Warehouse, Heart of the City and APN have certainly got it noticed. And it is particularly well-regarded in the financial space. He says it does have a focus on that sector as finance is becoming increasingly mobile and there are a range of companies that are looking to use the channel to gain or retain customers so there's a big appetite for innovative solutions. But it has also worked across a number of other industries, markets and technologies and he says that versatility was a big drawcard for Finzsoft.
“Sush Mobile is a proven, successful and profitable mobile provider," says Finzsoft managing director Andrew Holliday in a release. "The acquisition of Sush Mobile will provide a diversified income stream for Finzsoft along with access to comprehensive in-house enterprise mobility solutions that will give us a competitive, innovative edge ... Sush Mobile have a talented, young and tech savvy team of 30 plus people, and we want to retain the ideals of its startup culture, while providing opportunities for growth."
Sush Mobile's managing director Sheenu Chawla and Sulabh Sharma co-founded the business and built the software company "pixel-by-pixel and brick-by-brick". And, not surprisingly, they're pretty happy about the deal.
“Finzsoft is known for its maturity and integrity in the financial sector, and although we deal with customers outside of the financial sector, we both have a target market of enterprise customers, so there are good synergies,” says Chawla.
- Check out an earlier Q&A with Chawla here.
And Sharma says every innovation story needs an integrated, connected system at the back-end to complete it.
"This is Finzsoft’s strength, which combined with our mobile innovations will provide better servicing for customers with more innovative channels for clients."