The global technology-focused firm Francisco Partners has put its name and one of its leaders into the B2B space as it announced Thursday (Oct. 30) that it had acquired Vendavo, a B2B pricing optimization firm.
As part of the deal, David Mitchell, an operating partner with Francisco Partners, will take over as Vendavo’s CEO to work with the company’s worldwide business strategy and operations, according to the company’s news release. This move also gives the technology firm a controlling stake in the Silicon Valley company. Mitchell replaces Neil Lustig who will stay on in advisory role with Vendavo.
“It is truly a privilege to join Vendavo,” Mitchell said in the release. “The company has an impressive list of customers and a strong portfolio of innovative products. I look forward to working with the leadership team to fully capitalize on Vendavo’s tremendous growth opportunities and take the company to new heights.”
A main component of the acquisition for Francisco Partners is that is provides Vendavo’s pricing and payments solutions with its global technology focus that will allow the company to expand its reach in sales and marketing, while still being able to accelerating its cloud development. According to the release: “Vendavo completed a record first half of 2014, with nearly 30-percent growth in bookings, and the release of two breakthrough solutions for price and sales effectiveness. Based inMountain View, Calif., Vendavo provides revenue and price optimization solutions for B2B mid-market and enterprise companies.”
“Vendavo has built a terrific foundation and we look forward to working with David and the team,” Petri Oksanen, a partner at Francisco Partners, said in the news release. “Combining the management talent of Vendavo and Francisco Partners puts the company in an excellent position to usher Vendavo into its next stage of growth. We look forward to the company’s continued success in the marketplace.”