RIWI Buys Survey Rewards and Sample Firm TheoremReach

Canada-based global trend-tracking and prediction technology firm RIWI has agreed to acquire survey monetization platform TheoremReach, for a total purchase consideration of $2.4m.

RIWI offers its clients tracking surveys, continuous risk monitoring, predictive analytics and ad effectiveness tests, on a monthly or annual subscription basis. The firm has previously acquired Paris and Istanbul-based programmatic sampling and panels business Research on Mobile, and most of the assets of survey and non-conscious data collection platform CoolTool. Its new buy, TheoremReach, was founded in 2014 and describes itself as a programmatic platform for online market research, combining surveys with helping publishers to monetize their audiences and 'provide a rewarding experience to their users'. The latter provide it with 'a vast network of global respondents', for real-time input to business decisions, while TheoremReach's proprietary payout model allows web sites and mobile apps to monetize their users with rewarded surveys and offers. Clients are both research marketplaces and end users, and the firm reported c.$3.9m in revenue in 2023 with $433k adjusted EBITDA.

The acquisition gives RIWI an advanced platform for survey monetization supporting both APIs and self-service researcher access to global audiences. The integration of TheoremReach's platform will enhance the existing programmatic sampling platform RIWI acquired from Research on Mobile, and RIWI says it should generate additional cost synergies by the second quarter of 2025.

TheoremReach co-founder and CEO Garik Goldsheyd (pictured) will join RIWI as VP Respondent Marketplace, helping to grow RIWI's global audience, and says the combination will 'bolster RIWI's end-to-end solution for worldwide intelligence', with access to 'trusted respondents in 53 countries, delivered programmatically in real time'.

RIWI Chief Exec Greg Wong comments: 'This is an historic day for RIWI as the acquisition of TheoremReach will strategically grow our platform, provide considerably greater access to survey respondents around the world and drive both top line and EBITDA growth. This is the largest acquisition that RIWI has made to date, and I am excited to be welcoming the amazing team members of TheoremReach to RIWI and to also welcome many new customers and partners to the RIWI community'.

Around $1.75m of the purchase price was paid on closing the transaction, with the balance of $650,000 subject to standard adjustments for post-closing working capital and accounts receivable and to be paid on or before October 10th 2025 - up to $1m in earnout payments may also be paid if targets for the 2025 RIWI fiscal year are met. RIWI also arranged c.$1.1m in debt financing from members of the management teams including Wong, Goldsheyd and RIWI CFO Travis Campbell.

Web sites: www.riwi.com and www.theoremreach.com .