ChannelAdvisor Corp., which laid off personnel early in the year as the economic downturn took hold, plans to add 25 new employees this year to its sales staff of 44, says CEO Scot Wingo. He says revenue for the online marketing company is running about 10% ahead of last year and that ChannelAdvisor has been profitable in each of the first two quarters of 2009, after an unprofitable 2008.
“We’re trying to set ourselves up for greater growth in 2010,” Wingo says. “As best we can tell, things have stabilized in the economy. We certainly are seeing retailers investing in their business, and it seems to us we should do the same.”
ChannelAdvisor, whose services include helping retailers sell on comparison shopping engines and online marketplaces like eBay and Amazon, added over 250 customers in the second quarter, including TigerDirect.com, part of Systemax Inc., No. 21 in the Internet Retailer Top 500 Guide. The privately held company closed $2.8 million in bookings, which represents subscription fees for software; the company also typically receives a percentage of sales made through its platform. ChannelAdvisor has reported its 2008 revenue was about $35 million.
The company currently has 245 employees. It had 300 in January before reducing the head count to 240 in a major layoff. In addition to hiring 25 new sales personnel, the company plans to hire some additional support staff to bring its head count up to about 275 by the end of 2009, with more hiring in support and professional services likely in 2010, Wingo says.