Francisco Partners Acquires Ecommerce Leader Avangate
Press Release, News
REDWOOD CITY, CA and SAN FRANCISCO, CA - Francisco Partners, a global technology-focused private equity firm, today announced it has acquired Avangate, the leader in customer-centric commerce with over 3,000 customers across more than 100 countries. Avangate provides a complete commerce solution enabling Software, SaaS and Cloud Services companies to increase their online sales, manage subscription billing, grow their reseller and affiliate distribution networks and reach new global markets. The additional investment from the deal will enable Avangate to expand product development and execute on its vision of delivering customer-centric commerce.
"The explosion of customer touch points has shifted buyer behavior at both traditional B2C and B2B companies and is driving the need for organizations to rethink their commerce solutions," said Avangate CEO Carl Theobald. "We're calling this shift in the market 'Business-to-individual' or 'B2i', which requires new customer-centric commerce solutions that can support rapid experimentation of product promotions, purchase paths, payment methods and new business models. With Francisco Partners we have found an investment partner that shares our customer-centric vision. Their investment and support further accelerates Avangate's vision to be a high growth public company, as well as opens a variety of additional market options."
Avangate powers commerce for thousands of Fortune 500, enterprise and SMB companies and has received numerous industry accolades, such as the CODiE Award for "Best eCommerce and Billing Solution," the Red Herring Top 100 Award for Most Innovative Companies, and Gartner's recognition as "Cool Vendor in E-Commerce, 2013."
"We are excited about Avangate's leadership position at the convergence of digital goods commerce and subscription billing and look forward to working with the Avangate team to continue its rapid growth," said My Le Nguyen, principal at Francisco Partners. "Speed is the new competitive differentiation and by giving companies a commerce platform to quickly introduce, test and optimize new business models across customer touch points, Avangate is leading the way in providing solutions for the next generation of commerce."