The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
iCongo serves more than 100 clients with its e-commerce platform and related services.
November 9, 2010 - Montreal, Canada - Huntsman Gay Global Capital, a leading middle market private equity firm, today announced that it has made a growth equity investment in iCongo, an e-business systems and software developer that provides an e-commerce platform with B2C, B2B, multi-channel, order management and marketing solutions. iCongo’s founders will continue to manage the business going forward. Terms of the private transaction were not disclosed.
Headquartered in Montreal, iCongo serves more than 100 clients today with its e-commerce platform and related services, including many multinational and world-renowned retailers and brands. The growing company recorded a revenue increase of more than 30 percent in fiscal year 2010 and added 13 new customers in just the last six months compared to 12 new customers in 2009.“Multi-channel B2C and B2B commerce will be a key growth diver for large and mid-sized companies in the years to come,” said Steven Kramer, President of iCongo.
“Huntsman Gay showed a sophisticated understanding of our business and how their investment, expertise and relationships could help us expand and take advantage of this tremendous market opportunity.”“We are pleased to have Huntsman Gay Global Capital as part of our team to help us as we enter the next phase of our growth” added Irwin Kramer, CEO of iCongo.This year, two leading independent research firms recognized iCongo as one of the leaders in e-commerce and multi-channel commerce.Forrester Research, Inc. ranked iCongo as a “Leader” in its report, The Forrester Wave™: B2C eCommerce Platforms, Q4 2010 (October 2010).In its Magic Quadrant for E-Commerce Report (June 2010), Gartner Research, Inc. stated “iCongo’s E-Commerce Platform offers e-commerce capabilities for B2B and B2C with strengths in catalog management, merchandising, personalization, guided selling, cross-selling, promotions, order management and warehouse management.
iCongo’s Platform and modular approach enables brands and retailers alike to leverage the right functionality for their business model and can support even the most complex B2B business requirements.”While serving a broad range of clients, iCongo focuses on solutions for large and middle-market companies, offering end-to-end solutions and industry-leading return on investment.“iCongo has built a fully featured, and highly customizable software platform that has one of the broadest feature sets of any e-commerce vendor,” said David Dame, Managing Director of Huntsman Gay Global Capital. “Because they built the system from the ground up, it is highly configurable, efficient and inexpensive to get up and running for companies that do not have a large internal IT staff. In addition, iCongo is well-positioned to address emerging industry trends now. They are at the forefront of multi-channel integration, giving retail customers the flexibility that they are increasingly demanding, and have mastered the complexities of B2B commerce as companies create portals for their business partners.”
About Huntsman Gay Global Capital
Huntsman Gay Global Capital is a private equity firm that brings unrivaled experience to the middle market—offering all the advantages of both a strategic and a financial buyer in one firm. Co-founded by Jon M. Huntsman, one of the world’s leading industrialists, and Robert C. Gay, a former managing director of Bain Capital, the firm focuses on middle market leveraged buyouts and growth equity investments. For more information, please visit www.hgequity.com.
iCongo, Inc. is a leading developer of e-business systems and software that enable companies to effectively and efficiently transact business over the Internet. iCongo’s solutions include B2C and B2B e-commerce systems, retail cross-channel systems and a comprehensive suite of Internet marketing applications. iCongo’s clients include many world-renowned retailers and brands. For more information, please visit www.icongo.com.