Pushpay, a leading payments and engagement solutions provider for faith-based and non-profit sectors, announces the entry into a definitive agreement for Pushpay to acquire Resi Media LLC, an industry leading video streaming platform. The $150 million acquisition is expected to close by the end of the month, subject to satisfaction of customary closing conditions, and was negotiated to expand Pushpay’s ability to help organizations increase engagement and expand their digital presence.
“Digital tools like live streaming enable organizations to reach and engage stakeholders in an efficient and cost-effective way, regardless of geographical location, providing greater audience potential and revenue opportunities,” says Molly Matthews, CEO of Pushpay. “Coming together with Resi Media not only provides our customers access to world-class streaming technology today, but in time will enable Pushpay to deliver a unified solution for digital giving, ministry management, media and more.”
As budgets shift to support digital growth, Pushpay reports a rapid increase in the demand for video and streaming as one of the top COVID-19 induced technology trends in the world. It is projected to maintain momentum in a post-pandemic world and for the faith market in particular, which is one of the top industries Pushpay and Resi Media serve, Pushpay reports more than 95% of pastors say their church leveraged some form of streaming technology in 2020 to share their services online and reach their community during the pandemic.
"It's difficult to think of a more incredible partnership to help us have the right technology to grow and engage our congregation both in person and online, than combining Pushpay and Resi. Our church has been leveraging Pushpay technology for years to help us connect with our church family and make giving easier, while Resi allows us to reach tens of thousands of people online, and scale our multisite campus model," says Jeff Jones, Senior Pastor, Chase Oaks Church. "As our church continues to invest in technology to help support future growth, we could not be more excited about the untapped potential of these two organizations coming together and the opportunities ahead."
Pushpay’s states mission is to be the number one software partner to churches in the U.S. and the announcement says acquisition of Resi Media will enable them to offer streaming technology as a stand-alone offering for churches, or within its ChurchStaq suite. ChurchStaq is designed to provide a holistic all-in-one software solution that combines a mobile app, church management software (ChMS), and giving and donor management tools “to equip churches of all sizes with the technology they need to grow generosity, measure the impact of their ministry, connect with community members, and manage day-to-day operations,” the announcement states.
"This is not only an opportunity to align two mission-driven organizations, but also to build on the momentum which Resi has already generated by offering the highest quality and most reliable live streaming services on the market," says Paul Martel, CEO of Resi Media. "Joining forces with Pushpay propels our ability to deliver seamless solutions which empower organizations to engage, monetize, and grow online, in person, and hybrid audiences at scale.”
Today, Resi Media delivers live streaming services to websites, social media destinations, mobile, tv, apps and more—in addition to multi-site streaming delivering video to remote locations. The company provides solutions to more than 3,900 customers, including more than 70% of Outreach’s top 100 largest churches in the US, and other nonprofits and corporations around the world.
For more information about today’s announcement, you can view the Pushpay blog or the investor page for the full market release.
