Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
It plans to use the money to make it easier for retailers to manage orders and product pricing.
Monsoon Commerce, the e-commerce platform provider that owns book e-retailer Alibris.com, last month captured $8 million in new funding, which it plans to use to upgrade its products to make it easier for retailers to manage orders and product pricing across multiple sales channels. It also netted a new CEO in Kanth Gopalpur, an e-commerce technology veteran who founded Powells.com, the online arm of Powell's Books Inc.
Gopalpur succeeds Brian Elliott, who had been Monsoon's CEO since 2007. The company says it plans to launch in the second quarter of 2013 its first software-as-a-service, or SaaS, technology platform. The Internet-hosted SaaS platform will be targeted to retailers with annual sales ranging from $500,000 to $50 million. Monsoon last year purchased order management and supply chain technology vendor Stone Edge Technologies Inc. in an all-cash transaction.