Shares of New Zealand-based software developer Pushpay Holdings Ltd (ASX: PPH) are expected to return to ASX trading on Tuesday following the sell-down by its co-founder Eliot Crowther.
Pushpay creates donation software for churchgoers and the faith sector at large. It has operations in New Zealand, Australia and the United States.
In a statement to the ASX on Monday, Pushpay announced one of its co-founders, Eliot Crowther, will resign from his position and sell his 24.79 million shares in the company (equivalent to 9.03% of total shares). Pushpay said he will resign to focus on his family.
“It has been a pleasure working alongside Eliot since co-founding Pushpay with him in 2011,” Pushpay co-founder and CEO Chris Heaslip said. “I would like to thank Eliot for his contribution to the Company and for all the sacrifices he has made over the last seven years to serve Pushpay in his capacity as an Executive Director and Sales Executive, and I wish him all the best for the future.”
Pushpay has been growing aggressively into the US faith sector, a market which was estimated to have donated around $US122.9 billion to religious organisations in 2016. In its 2018 financial year, Pushpay processed $US3 billion on its platforms.
According to Google Finance, Pushpay’s ASX shares have risen from less than $1 to their current price around $4 in one year as revenue jumped 83%.
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