A group of investors led by global financial investment giant Warburg Pincus announced on Wednesday (Sept. 23) that they have closed on a deal with the Boston-based software and eCommerce company for $155 million in a Series E round of financing.
Salsify’s calling card is its CommerceXM platform, which enables companies to coordinate a wide range of eCommerce activities “through one technology stack.” That includes everything from tracking inventories to managing how products are sold across an array of online and other channels, as well as gauging progress through analytics.
The single-stack technology approach, in turn, can give companies a leg up on their competitors, helping them spot opportunities and move more quickly to capitalize on them, Salsify contends.
The company has reported significant growth since 2018, when it raised $43 million in a Series D round of financing.
Salsify says its net revenue retention tops 120 percent, while well more than a quarter of its 800 customers generate more than $1 billion in annual revenue.
The startup has also won industry recognition, with Gartner naming Salsify as a “Cool Vendor in Digital Commerce.” The company was also named a leader in IDC’s Product Information Management Marketscape.
“From skyrocketing traffic across major online retail sites to step function growth in direct-to-consumer channels, this year is when the digital shelf became the focal point of how consumers research, buy from and develop relationships with brands,” said Jason Purcell, Salsify co-founder and CEO, in a press release. “We are excited to partner with a world-renowned firm like Warburg Pincus in our mission to ensure that brands across industries and geographies are best equipped to offer incredible commerce experiences to consumers, anywhere they shop online.”