Wishpond Technologies Ltd. (TSX-V:WISH, OTCQX:WPNDF) said its wholly-owned subsidiary, Brax.io, has launched Braxy, a new and easy-to-use AI-powered advertising solution for businesses.
Braxy's AI-powered platform automatically creates and optimizes campaigns, helping businesses to create ads that target a precise customer profile. The company believes that using the Braxy platform will allow businesses to achieve significantly better results compared to managing Google ads on their own, and at a fraction of the cost of hiring a full-service agency.
"We are very excited to launch Braxy," said Kevin Ho, general manager of the Brax.io division of Wishpond in a statement.
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"Small businesses have long been underserved by the best digital marketing solutions and ad placement strategies. Braxy changes that by providing a simple, effective, and affordable online ad solution to get businesses started even with small ad budgets."
Often the only choice for small and medium-sized businesses is either to learn how to advertise themselves by spending hours navigating a complicated Google interface or pay an expensive agency to do it for them. Braxy solves the problem by simplifying the setup process, allowing businesses to get set up in as little as 10 minutes, for the cost of an affordable software subscription, the company said.
The company believes that Braxy can deliver click-through rates of as high as 8% compared to industry averages of about 2%.
"The launch of Braxy is a significant milestone for Wishpond as it represents an important new product introduction from a Wishpond acquisition," said Ali Tajskandar, CEO and Founder of Wishpond.
"This launch also further validates our M&A strategy and serves as another indicator for the success of our tuck-in acquisitions. Furthermore, we are very happy with the Brax team and look forward to seeing their continued success as we grow the business."
Wishpond will begin cross-selling Braxy to its current base of more than 4,000 customers and believes that customers can deploy this solution along with other Wishpond online marketing solutions to increase their conversions and sales.
The company also announced the grant of 150,000 incentive stock options to Lloyed Lobo, a recently appointed director, each exercisable to acquire one common share in the capital of the company at an exercise price of $0.80 each and expiring on November 30, 2032.
Based out of Vancouver, British Columbia, Wishpond provides marketing-focused online business solutions. The company offers an "all-in-one" marketing suite that provides companies with marketing, promotion, lead generation, and sales conversion capabilities on one integrated platform.
Contact the author at jon.hopkins@proactiveinvestors.com