– springbig’s software program platform offers unparalleled buyer loyalty and engagement merchandise to main hashish retailers and types throughout North America
– Excessive development B2B SaaS enterprise mannequin pushed by extremely differentiated buyer expertise choices, with a number of platform enlargement alternatives so as to add to spectacular natural development trajectory
– The merger accelerates springbig’s imaginative and prescient to serve hashish manufacturers by consolidating a extremely fragmented hashish know-how ecosystem throughout loyalty, knowledge analytics, promoting, and different areas influencing client expertise and advertising and marketing effectiveness
– Estimated post-transaction fairness worth of the mixed firm is roughly $500 million, with roughly $200 million money readily available after closing
-Transaction consists of $13 million totally dedicated Class A typical inventory PIPE anchored by Tuatara Capital and present traders, together with TVC Capital, Key Funding Companions, and springbig’s Founder and CEO Jeffrey Harris
– springbig’s present stockholders are contributing 100% of their fairness into the mixed firm
Tuatara Capital Acquisition Company (NASDAQ: TCAC) (“TCAC”), a publicly-traded particular objective acquisition firm, introduced at present that it has entered right into a definitive settlement for a enterprise mixture that will end in springbig (the “Firm”), the main supplier of selling options, client cellular app experiences, and omnichannel loyalty packages within the hashish {industry}, turning into a publicly listed firm.
Upon closing of the transaction, the mixed firm is predicted to stay listed on the Nasdaq Inventory Market underneath the image “SBIG”. The transaction is predicted to shut within the first quarter of fiscal 2022. Extra data on the proposed enterprise mixture might be discovered at tuataraspac.com and springbig.com.
Al Foreman, Chief Govt Officer of TCAC, mentioned, “Within the quickly evolving hashish {industry}, with quite a few laws and restrictions, springbig has emerged as a market chief in direct-to-consumer advertising and marketing and engagement. springbig’s know-how platform drives loyalty and buyer engagement, and on this regulated setting, a excessive degree of engagement is essential for hashish retailers and types to succeed in their prospects in an more and more aggressive market. The extraordinarily gifted and skilled staff at springbig has harnessed the applied sciences mandatory to deal with this market alternative, and they’re well-positioned for long-term, sustainable development as new states progress legalization frameworks and with the potential for Federal hashish coverage reform on the horizon.”
Jeffrey Harris, Founder and Chief Govt Officer of springbig, mentioned, “The important thing to our success has been empowering our purchasers by connecting them with their prospects and interesting straight as they scale their companies. Shoppers can use our SaaS platform to drive elevated buyer spend, construct model loyalty, and enhance their potential attain. We satisfaction ourselves on offering marketing-leading know-how options and an distinctive degree of service to springbig purchasers. This results in glorious shopper retention, offering a sturdy base for robust future development. Because the hashish {industry} continues to develop, this robust basis will allow us to leverage our knowledge and know-how to consolidate throughout a number of market verticals together with knowledge analytics, elevated advertising and marketing automations, and promoting options.”
“We’re thrilled to companion with TCAC and stay up for persevering with to construct our platform and broaden our choices to reap the benefits of the numerous development potential at house and within the worldwide hashish markets,” Mr. Harris added.
Firm Highlights
- Based in 2017, springbig is the biggest loyalty and advertising and marketing platform within the hashish {industry} and is the supplier of selection for a lot of main hashish retailers and types throughout North America. The corporate affords a complete suite of category-leading options that purchasers can use to assist enhance buyer retention, construct buyer loyalty, and promote model consciousness by providers akin to digital communications, textual content and e mail messaging, and industry-leading reporting and analytics.
- springbig serves over 1,000 purchasers throughout the US and Canada, compromising greater than 2,300 retail places, and has over 41 million shoppers enrolled in its confirmed B2B2C platform, by which greater than 90 million transactions have been processed prior to now twelve months with attributable gross merchandise worth (“GMV”) of over $7 billion.
- The U.S. hashish market is predicted to double over the following 5 years to over $40 billion in income. In a extremely regulated setting, retailers and types want to succeed in prospects and construct buyer loyalty in a aggressive, promotion-driven market the place conventional promoting channel restrictions dramatically hinder their potential to market their merchandise. springbig’s suite of merchandise addresses these essential challenges, enhancing buyer acquisition, retention, and spend, bettering foot site visitors into retail places, and offering data-driven actionable advertising and marketing evaluation.
- springbig’s platform unlocks a data-rich setting for hashish retailers and types. springbig offers a set of merchandise, together with its loyalty platform and digital loyalty card, which permits retailers and types to intelligently and mechanically handle, incentivize, and phase their prospects.
- springbig has grown income at a CAGR of 105% since 2019 and is on observe to ship $24 million in income for 2021 through its B2B SaaS mannequin. Excessive development is predicted to be sustainable within the medium-term and is prone to speed up as springbig expects to capitalize on the regular development in hashish retailers as new leisure markets emerge throughout the U.S., along with capturing bigger advertising and marketing spends from hashish manufacturers as they work to acquire direct entry to shoppers by excessive engagement, omnichannel options.
- Trade-leading platform integrations type a best-in-class enterprise primed for consolidation in a extremely fragmented hashish know-how ecosystem. springbig possesses a wealth of information property driving proprietary insights and has a sturdy pipeline of a number of doubtlessly actionable M&A targets throughout varied verticals. The Firm continues to have interaction in discussions and diligence to determine value-creating alternatives.
Transaction Overview
The estimated post-transaction fairness worth of the mixed firm is roughly $500 million, assuming $10 per share value and no redemptions by TCAC stockholders. Moreover, a $13 million PIPE funding has commitments from Tuatara Capital and present traders, together with TVC Capital, Key Funding Companions, and springbig’s Founder and CEO Jeffrey Harris.
The transaction, which has been unanimously accepted by the Boards of Administrators of TCAC and springbig, is topic to approval by TCAC stockholders and different customary closing circumstances. Further details about the proposed transaction, together with a duplicate of the merger settlement and investor presentation, will probably be supplied in Kind S-4 to be filed by TCAC with the Securities and Alternate Fee.
Jeffrey Harris, springbig’s Founder and present Chief Govt Officer, who brings in depth expertise in know-how and advertising and marketing providers, will proceed to guide the corporate following the closing of the transaction. Present Chief Monetary Officer, Paul Sykes, who has vital expertise in high-growth SaaS companies in a public firm setting, can even proceed in his function.
Sergey Sherman, Managing Director at Tuatara Capital and Chief Monetary Officer of TCAC, will be a part of the Board of Administrators of the merged firm following the closing of the transaction, with remaining Board appointments anticipated to be introduced within the close to future.
Advisors
Cantor Fitzgerald & Co. is serving as unique capital markets advisor to TCAC, and Jefferies LLC is serving as unique monetary advisor and unique capital markets advisor to springbig. Davis Polk & Wardwell LLP and Dentons US LLP are performing as authorized counsel to TCAC, and Benesch, Friedlander, Coplan & Aronoff LLP is performing as authorized counsel for springbig.
Investor Presentation
The Firm has launched a presentation overlaying the strategic highlights of the proposed enterprise mixture. The presentation might be accessed at this link and will probably be out there to view till the transaction is predicted to shut.
About springbig
springbig is a number one supplier in buyer loyalty and textual content message communications options for hashish retailers and hashish manufacturers. Based in 2017, springbig affords a single supply of reality CRM that turns into the database of file on your in-store and on-line prospects that captures key buying and behavioral knowledge and seamlessly integrates with present dispensary POS and eCommerce methods. The platform additionally develops customized hashish loyalty software program embedded with superior advertising and marketing instruments to retain prospects and sends focused automated and customized SMS campaigns primarily based on buyer preferences and buying habits. springbig helps hashish retailers and types maintain their clientele linked and engaged whereas permitting the shop homeowners and main hashish manufacturers observe their inevitable success and ROI in real-time.
About Tuatara Capital Acquisition Company
Tuatara Capital Acquisition Company was shaped for the aim of effecting a merger, amalgamation, share change, asset acquisition, share buy, reorganization, or comparable enterprise mixture with a number of companies. The Firm intends to focus its seek for companies within the hashish {industry} which are compliant with all relevant legal guidelines and laws. For extra data, please go to https://www.tuataraspac.com/.
Investor Relations Contact
Rob Kelly
MATTIO Communications
[email protected]
Media Contact
Noah Bethke
MATTIO Communications
[email protected]
Further Info Concerning the Proposed Enterprise Mixture and The place to Discover It
The proposed enterprise mixture will probably be submitted to stockholders of TCAC for his or her consideration. TCAC intends to file a registration assertion on Kind S-4 (the “Registration Assertion”) with the SEC which is able to embrace preliminary and definitive proxy statements to be distributed to TCAC’s stockholders in reference to TCAC’s solicitation for proxies for the vote by TCAC’s stockholders in reference to the proposed enterprise mixture and different issues as described within the Registration Assertion, in addition to the prospectus referring to the supply of the securities to be issued to springbig’s stockholders in reference to the completion of the proposed enterprise mixture. After the Registration Assertion has been filed and declared efficient, TCAC will mail a definitive proxy assertion and different related paperwork to its stockholders as of the file date established for voting on the proposed enterprise mixture. Earlier than making any voting resolution, TCAC’s stockholders and different individuals are suggested to learn, as soon as out there, the preliminary proxy assertion / prospectus and any amendments thereto and, as soon as out there, the definitive proxy assertion / prospectus, together with all different related paperwork filed or that will probably be filed with the SEC in reference to the proposed enterprise mixture and the TCAC’s solicitation of proxies for its particular assembly of stockholders to be held to approve, amongst different issues, the proposed enterprise mixture, as a result of these paperwork will comprise necessary details about TCAC, springbig and the proposed enterprise mixture. Stockholders will be capable of get hold of free copies of the preliminary or definitive proxy assertion, as soon as out there, in addition to different paperwork filed with the SEC concerning the proposed enterprise mixture and different paperwork filed with the SEC by TCAC, with out cost, on the SEC’s web site positioned at www.sec.gov or by directing a request to Tuatara Capital Acquisition Company, 655 Third Avenue, eighth Ground, New York 10017.
Contributors within the Solicitation
TCAC, springbig and sure of their respective administrators, government officers and different members of administration and workers might, underneath SEC guidelines, be deemed to be contributors within the solicitations of proxies from TCAC’s stockholders in reference to the proposed enterprise mixture. Info concerning the individuals who might, underneath SEC guidelines, be deemed contributors within the solicitation of TCAC’s stockholders in reference to the proposed enterprise mixture will probably be set forth in TCAC’s proxy assertion / prospectus when it’s filed with the SEC. Yow will discover extra details about TCAC’s administrators and government officers in TCAC’s closing prospectus dated February 11, 2021 and filed with the SEC on February 16, 2021. Further data concerning the contributors within the proxy solicitation and an outline of their direct and oblique pursuits will probably be included within the proxy assertion / prospectus once they change into out there. Stockholders, potential traders and different individuals ought to learn the proxy assertion / prospectus fastidiously when it turns into out there earlier than making any voting or funding selections. It’s possible you’ll get hold of free copies of those paperwork from the sources indicated above.
Ahead-Trying Statements
Sure statements contained on this press launch represent “forward-looking statements” throughout the that means of federal securities legal guidelines. Ahead-looking statements might embrace, however will not be restricted to, statements with respect to (i) developments within the hashish {industry} and springbig market measurement, together with with respect to the potential complete addressable market within the {industry}; (ii) springbig’s development prospects; (iii) springbig’s projected monetary and operational efficiency, together with relative to its opponents; (iv) new product and repair choices springbig might introduce sooner or later; (v) the potential transaction, together with the implied enterprise worth, the anticipated post-closing possession construction and the probability and skill of the events to efficiently consummate the potential transaction; (vi) the danger that the proposed enterprise mixture might not be accomplished in a well timed method or in any respect, which can adversely have an effect on the worth of TCAC’s securities; (vii) the failure to fulfill the circumstances to the consummation of the proposed enterprise mixture, together with the approval of the proposed enterprise mixture by TCAC’s stockholders; (viii) the impact of the announcement or pendency of the proposed enterprise mixture on TCAC’s or springbig’s enterprise relationships, efficiency, and enterprise usually; (ix) the result of any authorized proceedings that could be instituted in opposition to TCAC or springbig associated to the definitive settlement or the proposed enterprise mixture; (x) the power to take care of the itemizing of TCAC’s securities on the NASDAQ; (xi) the worth of TCAC’s securities, together with volatility ensuing from adjustments within the aggressive and extremely regulated {industry} wherein springbig plans to function, variations in efficiency throughout opponents, adjustments in legal guidelines and laws affecting springbig’s enterprise and adjustments within the mixed capital construction; (xii) the power to implement enterprise plans, forecasts, and different expectations after the completion of the proposed enterprise mixture, and determine and understand extra alternatives; and (xiii) different statements concerning springbig’s and TCAC’s expectations, hopes, beliefs, intentions or methods concerning the long run. As well as, any statements that discuss with projections, forecasts or different characterizations of future occasions or circumstances, together with any underlying assumptions, are forward-looking statements. The phrases “anticipate,” “consider,” “proceed,” “may,” “estimate,” “anticipate,” “intends,” “outlook,” “might,” “may,” “plan,” “potential,” “potential,” “predict,” “undertaking,” “ought to,” “would,” and comparable expressions might determine forward-looking statements, however the absence of those phrases doesn’t imply {that a} assertion shouldn’t be forward-looking. Ahead-looking statements are predictions, projections and different statements about future occasions which are primarily based on present expectations and assumptions and, consequently, are topic, are topic to dangers and uncertainties. You need to fastidiously take into account the dangers and uncertainties described within the “Threat Components” part of TCAC’s registration assertion on Kind S-1, any proxy assertion/prospectus referring to the transaction, which is predicted to be filed by TCAC with the SEC, different paperwork filed by TCAC on occasion with SEC, and any danger elements made out there to you in reference to TCAC, springbig and the transaction. These forward-looking statements contain a lot of dangers and uncertainties (a few of that are past the management of springbig and TCAC), and different assumptions, that will trigger the precise outcomes or efficiency to be materially completely different from these expressed or implied by these forward-looking statements.
No Supply or Solicitation
This press launch pertains to a proposed enterprise mixture between TCAC and springbig and doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction wherein such supply, solicitation or sale could be illegal previous to registration or qualification underneath the securities legal guidelines of any such jurisdiction.
