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Pushpay (ASX:PPH) - CEO, Molly Matthews
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  • Pushpay (PPH) has welcomed Sixth Street as a new cornerstone investor
  • Pushpay is based in Auckland and provides a donor management system and a church management system to the faith sector, not-for-profits and education organisations, mainly in the U.S.
  • Global investment firm Sixth Street is set to become PPH’s largest shareholder, holding around 17.8 per cent of Pushpay’s total shares from March 30
  • Pushpay shares are up 4.38 per cent to $1.73

Pushpay (PPH) has welcomed Sixth Street as a new cornerstone investor.

PPH, which has a head office in Auckland, provides a donor management system and a church management system to the faith sector, not-for-profits and education organisations, mainly in the United States.

Sixth Street is a global investment firm that has over US$50 billion (around A$64 billion) in assets under management and committed capital.

The company is set to become PPH’s largest shareholder and will hold approximately 17.8 per cent of Pushpay’s total shares once acquisition is completed on March 30.

Pushpay Chairman Graham Shaw said he is delighted to welcome Sixth Street as a cornerstone investor in the company.

“As a highly experienced technology and growth investor with a core thematic focus on the convergence of software and payments, Sixth Street’s global scale and partnership-oriented investing approach brings considerable strength to Pushpay’s shareholder register,” he said.

The chairman also thanked former Pushpay director Peter Huljich and alternate director Christopher Huljich, who — through their associated investment vehicle Christopher & Banks — entered agreements with affiliates managed by Sixth Street on March 22, meaning the vehicle sold 100 per cent of its shares in Pushpay to Sixth Street.

“On behalf of Pushpay, I would also like to sincerely thank Peter and Christopher Huljich for their invaluable contribution and commitment to the business over the past seven years,” Graham continued.

“We are extremely grateful for their support and wish them all the best with their future endeavours.”

Some of Sixth Street’s past and present investments in growth companies include Airbnb, AirTrunk, AvidXchange, Gainsight, Kyriba, MDLIVE, Paycor, PaySimple, Spotify and SumUp.

Pushpay shares are up 4.38 per cent to $1.73 at 10:31 am AEDT.

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