B2B Software-as-a-Service (SaaS)-focused private equity and technology firm Basis Vectors has acquired digital commerce cloud platform Commerce V3, according to a Wednesday (July 20) press release. Terms of the transaction were not disclosed.
Blake Ellis and Nathan Focht, who co-founded Commerce V3 in 2002, will continue to run the day-to-day operations of the business, the release stated. The company is a subscription-based SaaS business that offers eCommerce software and marketing services for hundreds of middle-market customers in the food and gift markets. The company helps its clients increase their website traffic, boost their conversion rates and raise their revenue.
Basis Vectors Founder and CEO Ambarish Gupta said in the release the company acquired Commerce V3 because it “is well-positioned for further growth, especially given the robust size of the market for eCommerce software at $8 billion and growing.”
He added Basis Vectors is looking to help “small eCommerce businesses with not just eCommerce software but also … with marketing, order fulfillment and customer care.”
Ellis said in the release that the deal “allows us to accelerate our impact with the customers we serve and expand our footprint,” while Focht said Commerce V3 “benefited from increasing online sales during the pandemic and, while larger eCommerce platforms have struggled due to a return to in-store shopping and inflationary pressures, our eCommerce revenues have remained strong.”
Earlier this week, SaaS billing platform Subskribe debuted a new offering for SaaS companies called Revenue Recognition that lets them integrate bookkeeping services. The module will work with the Subskribe Adaptive Quoting and Billing Platform and will let businesses integrate quoting, billing and revenue recognition in order to access better operations.
Read more: Subskribe Debuts Revenue Recognition Module for SaaS Companies
The module reportedly works by tracking the details for SaaS deals, including onboarding training, user support and professional services to minimize the confusion about what services have been delivered or are still owed.
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