Business Warrior acquires Alchemy Technologies for $8.75M
Business Warrior Corp. (OTC: BZWR), the source for small businesses in America to get more customers, announced today the acquisition of Alchemy Technologies, a global FinTech software as a service (SaaS) company, for $8.75 million. The acquisition strengthens Business Warrior’s core marketing and lending software while expanding the company’s brand and services to meet global demand.
Alchemy specializes in creating end-to-end, cloud native lending experiences for other FinTech companies, merchants and banks. The company installs its core solution to several different verticals, including personal loans, point of sale financing, health and beauty financing, construction loans, solar and home improvement financing, small business lending, skillset financing and crowdfunding platforms.
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“After working with Alchemy earlier this year, we quickly realized the massive potential of adding this international group of industry leaders to the Business Warrior team,” saud Business Warrior President, Jonathan Brooks. “With our Business Warrior platform, premium marketing, and now a global lending technology presence, we are building solutions that propel the success of small businesses.”
Alchemy is a global company with customers in six different countries and territories, the United States, Mexico, United Arab Emirates, Australia, United Kingdom and Puerto Rico. In 2021, Alchemy generated total revenues of $2.8 million. The company is on track to add additional revenue and projects full-year 2022 revenues to increase by 77% compared to 2021.
As a subsidiary of Business Warrior, Alchemy will remain under its current brand name and will continue to support its clients and internal teams. Alchemy and its more than 30 full-time employees and over 100 full-time contracted developers will be an independently managed subsidiary of Business Warrior. This acquisition expands the Business Warrior team to 157 professionals focused on a singular mission, to be the source for success and long-term growth for small businesses through marketing technology and unique funding solutions.
Alchemy Founder and CEO, Timothy Li, will join Business Warrior as the Global Head of Technology, where he will work alongside the Business Warrior executive team. Li, who has an extensive background and is a recognized expert in the FinTech industry, previously worked as a chief information officer and as a chief risk officer for JP Morgan Chase, Loan Depot and Realty Mogul.
“We are so excited about joining the Business Warrior family,” said Li. “This move provides Alchemy with the additional resources, tools and capital necessary to enhance our service to customers. Both companies believe small business owners are the lifeline of local communities. By bringing Alchemy and Business Warrior together, the positive impact on these communities is going to be worldwide.”
Randy Schmidt, formerly the COO of Alchemy, will transition into the role of senior vice president of Alchemy and will lead its internal team moving forward.
The value of the deal at closing is $8.75 million with $2.25 million in cash and $5 million in preferred stock with a 7%, three-year cash dividend. In addition, $450,000 in restricted common stock will go to existing Alchemy employees that will vest over 24 months.
For more information on Business Warrior and its services, visit BusinessWarrior.com.