Irvine-based WM Technology Inc. (Nasdaq: MAPS) said it bought Massachusetts marketing software company Sprout in a move that would give it more tools to offer to the cannabis-related businesses it serves.
Terms of the deal were not disclosed.
Sprout’s software helps dispensaries with customer relationship management, marketing, email, loyalty programs and analytics.
The purchase marks the first since WM Technology, parent to Weedmaps, went public in June through a reverse merger to raise $579 million in proceeds.
Weedmaps provides information on dispensaries, brands, doctors and other cannabis-related business information. The company last month launched a feature on its app that lets customers place orders with cannabis retailers.
Shares of WM Technology were trading up 3.1% to $14.51 on Tuesday for a market cap of $1.9 billion.