Ecommerce Leader Avangate Acquired by Francisco Partners
Avangate’s complete commerce solution helps Software, SaaS (News - Alert) 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 firm powers commerce for thousands of Fortune 500, enterprise and SMB companies, including Abbyy, Bitdefender, FICO, iYogi, Kaspersky and others.
With this acquisition, Avangate will be able to expand product development and execute on its vision of delivering customer-centric commerce.
Commenting on the deal, Avangate CEO Carl Theobald (News - Alert) said: "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."
Officials said that Avangate has been honored with various prestigious awards like the CODiE Award for "Best eCommerce and Billing Solution", the Red Herring Top 100 Award for Most Innovative Companies, and Gartner's (News - Alert) recognition as "Cool Vendor in E-Commerce, 2013.”
Francisco Partners is a global private equity firm, which specializes in investments in technology companies. The company, since its launch over a decade ago, has been successful in raising around $7 billion and investing in more than 100 technology companies.
My Le Nguyen, principal at Francisco Partners, said: "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."
Earlier this month, TMCnet reported that Avangate has helped DEVONtechnologies to increase its global affiliate program revenue by more than 150 percent through the Avangate Affiliate Network and Managed Affiliate Services.
Edited by Rory J. Thompson