Software-as-a-Service (SaaS) Leader in E-commerce Channel Management Accelerates Path to Profitability RESEARCH TRIANGLE PARK, N.C., Sept. 4
RESEARCH TRIANGLE PARK, N.C., Sept. 4 /PRNewswire/ -- ChannelAdvisor, the
leading provider of e-commerce channel management solutions, today announced
it has received an additional $20 million in funding to accelerate its growth.
The funding round was led by New Enterprise Associates (NEA) with
participation from current ChannelAdvisor investors Advanced Technology
Ventures, Kodiak Venture Partners, eBay and Southern Capitol Ventures.
Additionally the company plans on implementing a restructuring plan that
will both streamline operations and accelerate the company's path to
profitability.
"We continue to be increasingly impressed with ChannelAdvisor's superior
technology, significant traction in the retail sector, and leadership in the
software as a service e-commerce industry," says Patrick Kerins, General
Partner of NEA. "We're not only excited that the company continues to grow
rapidly, but will also be able to do so profitably."
During the past year, ChannelAdvisor's revenues have grown over 55% and
gross merchandise value (GMV) has grown over 45%. Additionally, the company
has experienced significant customer growth, now boasting more than 100 top
internet retailers from the prestigious Internet Retailer magazine's Top 500
list.
With several acquisitions over the past two years, ChannelAdvisor has
expanded its paid search offerings, distanced its leadership in the online
marketplace space and most recently entered into the rich media segment with
the acquisition of RichFX.
"ChannelAdvisor has grown rapidly over the last two years, both
organically and via two material acquisitions, and has strengthened its
leadership position in the e-commerce channel management space," says Scot
Wingo, CEO of ChannelAdvisor. "With the additional financing and restructuring
of the company, we are excited about accelerating our path to profitability.
We have reached not only a revenue scale that very few Software-as-a-Service
companies have achieved, but also outstanding growth and profitability
metrics."
The following ChannelAdvisor leaders will take on expanded roles as part
of the restructuring:
David Spitz, Vice President of Operations, is responsible for global
products, services, and finance operations.
Michael Jones, Vice President of Business Development, Marketing and
Strategic Partnerships, currently leads ChannelAdvisor's global marketing,
business development, corporate development and acquisition strategies. Jones
will be expanding his role to include global sales and revenue
responsibilities.
Scott Alridge, Vice President and General Counsel, will be expanding his
role to include human resources operations.
About ChannelAdvisor Corporation
ChannelAdvisor Corporation provides technology and services that enable
leading online retailers to maximize their products across multiple e-commerce
marketplaces such as eBay, Amazon.com and Overstock.com, comparison shopping
engines such as Shopping.com, Shopzilla, Nextag and Google Product Search and
search engines such as Google, Yahoo! and MSN. In 2007, ChannelAdvisor managed
over $2.1 billion in gross merchandise value (GMV) on behalf of its customers.
ChannelAdvisor solutions combine best practices, on-demand software and
integration technology to help retailers sell more products, faster, by
automating labor-intensive, manual functions so they spend less time
optimizing campaigns and more time solving marketing and business issues.
ChannelAdvisor has expanded its retail technology and services by acquiring
Rich FX media solutions. MyRichFX(TM), RichImage(TM), RichCatalog(TM), and
RichCircular(TM) are now part of the ChannelAdvisor rich media technology and
service solutions that ChannelAdvisor offers. ChannelAdvisor's customers
include Wal-Mart, GSI Commerce, Brookstone, Abebooks and Motorola.
ChannelAdvisor Corporation is headquartered in Research Triangle Park, NC with
offices in Atlanta, Seattle, New York, the United Kingdom, Australia, Ireland
and Germany. For more information, visit http://www.channeladvisor.com/
SOURCE ChannelAdvisor
