Phunware [NASDAQ: PHUN], a company known for providing a mobile app for Donald Trump’s 2020 re-election campaign, could look at acquisitions, said Stephen Chen, interim CEO.

The Austin, Texas-based company has a 20 point-rubric for M&A, he said. It is aiming to get direct access to Fortune 5000 customers and federal contracts or obtain work in generative artificial intelligence (AI). Phunware has no interest in buying companies to obtain revenue, a strategy it pursued many years ago, he said on the sidelines of the LD Micro conference in Los Angeles earlier this week. It had about USD 20m in cash on its balance sheet as of 30 June and is targeting deals with USD “tens of millions” in enterprise value, he said. It is looking mainly in the US for contracting firms and consultants. For generative AI, it is looking globally. The company last month announced the development of a new generative AI platform. The software-as-a-service platform will launch in mid-2025.

Chen said he welcomes ideas about targets. “We’re well-positioned, have cash and are eager to do things.” Phunware could potentially acquire a consulting firm with a FedRAMP yolicense, he said, referring to the federally recognized and standardized security framework for cloud products and services. It could also take minority stakes in bipartisan lobbying firms, Chen said. “That gives us access to engage with agencies to secure contracts,” he noted.

The mobile advertising company helps organizations, including celebrities, easily create mobile apps. “We are bipartisan in nature, but clearly associated with one candidate,” Chen said, referring to Trump. In terms of competitors, he said large players such as GoDaddy [NYSE: GDDY] and Wix [NASDAQ:WIX]  do not have the same mobile app capability as Phunware, he said. “We would look to team up with them as partners,” he said.

Chen, chairman of the board, assumed the role on 22 October. Shares of Phunware were down more than 35% after the retirement of CEO Mike Snavely from the mobile-advertising company. For this report Chen said the former CEO left due to “a strategic vision misalignment.” Phunware had a market cap of about USD 77.8m at time of publication. The company attracted attention after the company developed and launched a mobile app for Trump’s 2020 re-election campaign. “We are the most liquid stock here,” Chen said of the microcap conference’s attendees. “It’s because we’re a Trump meme stock. When he’s in the news, we trade up,” he noted.

Winstead is the company’s law firm. Marcum is its accounting firm. Canaccord Genuity provided its at-the-market financing vehicle.