By Elias Schisgall
Gloo agreed to acquire the remaining stake it doesn't already own in Midwestern Interactive, giving it 100% ownership over the company that provides expert consulting services to religious organizations and nonprofits.
Gloo, which offers a technology platform for churches and religious groups, said it will acquire a remaining 20% stake in the firm, adding that bringing Midwestern fully into its portfolio was a natural step for the two companies.
"As we look toward serving the global faith and flourishing ecosystem through applied AI and forward deployed engineering, Midwestern is expected to be central to how we scale," Gloo Chief Executive Scott Beck said.
Midwestern will continue operating under its own brand and leadership, and the deal is expected to close in the second quarter, Gloo said.
Gloo on Monday said its first-quarter loss narrowed to $16.8 million, or 21 cents a share, from a loss of $26.4 million, or $3.87 a share, a year earlier.
Revenue rose to $41.5 million from $12.3 million a year prior.
Analysts polled by FactSet were expecting a loss of 21 cents a share on $36 million in revenue.
For the current second quarter, Gloo is expecting $44 million in revenue, ahead of analyst expectations of $42.7 million.
It lifted its outlook for full-year revenue to $195 million, while analysts are expecting $188.8 million.
Shares of Gloo surged 18% to $6.05 in after-hours trading on Monday. The stock closed down 3.6% at $5.08, down 11% this year.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
June 08, 2026 16:44 ET (20:44 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.