Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
As part of a rebranding campaign, eDeal adopts a new name. Toronto-based Truition also announced it has secured $6.3 million ($8.2 million in Canadian dollars) in second round financing.
A Canadian developer of electronic commerce and online auction applications is saying no deal to its current corporate name, eDeal, and launching a rebranding campaign.
Going forward, eDeal, which develops enterprise-level online auction or marketplace programs for large multi-channel retailers who want to sell on eBay, Amazon.com or develop their own auction capability, will call itself Truition Inc.
Along with the name change, Toronto-based Truition also announced it has secured $6.3 million ($8.2 million in Canadian dollars) in second round financing from VenGrowth Capital Partners Inc., JL Albright Venture Partners and Scotiabank Private Equity Investments, as well as signed several new customers.
The new customers include Revlon Cosmetics, World Wrestling Entertainment Inc. and Golf Town.
Truition changed its name from eDeal to reflect its growing business base and diversifying customer list. “We are poised to extend further into international markets, while continuing to provide new multi-channel commerce solutions for the enterprise sector,” says Truition CEO Butch Langlois
Truition’s main application is Auction and Marketplace Platform, an enterprise-level suite of auction applications that integrates into existing enterprise resource planning systems and provides users with a dashboard view and analysis of online sales, market performance, logistics management, order processing, and customer relationship management.
Existing customers include Dell Financial Services, CompUSA and Major League Baseball.
Truition originally launched as a competitor to eBay, but has since refocused the company to provide applications and consulting to large enterprises, including retailers, who want to sell on large national and international auction sites, Langlois says.
“We spent a lot of time refocusing the company and what we’re about, and the name Truition reflects our new direction,” Langlois says