Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
SubmitOrder gets a new president, a new round of financing and new plans for expansion.
SubmitOrder Inc. has a lot going on at its Ohio, headquarters: a new CEO, a new round of financing, and plans to start expanding its service offerings.
After building up its technology and fulfillment infrastructure with former CEO and Federal Express veteran Dennis Spina, and before that, J.T. Kraeger, who left in March, the company is tapping the resources of new CEO Ron Elmquist. Elmquist’s background includes more than 25 years experience in retail and food distribution. The company says Elmquist’s skills with customer service are what SubmitOrder needs now to further develop its retail services.
Despite turnover at the top, SubmitOrder secured $40 million in additional financing led by Silver Lake Partners in late May. Silver Lake Partners led the company’s initial round of $75 million in 1999. SubmitOrder plans to use the money to add services to its brand management and customer service areas, says Les Viragh, senior director of marketing and brand development, a new position created to help develop services.
He says the company will add retail and marketing services to further differentiate itself from other IT and fulfillment vendors.
“The focus for us is to help retailers integrate their different shopping channels so the consumer has the same experience in all channels,” he says. “We’re doing more than just providing the lowest price per package.” Viragh says such enhancements could include adding quality color printing so SubmitOrder could, for example, add marketing pieces to a retailers’ deliveries or provide other offers that can help drive customers back to the retailer’s store, web site or catalog.
The company, which specializes in information technology, order fulfillment, customer response services, brand support and data mining, counts among its clientele such high profile retailers as BlueLight.com LLC, Limited Too Inc. and MuseumCompany.com Inc.