The city is broadening the reach of its 9% “amusement tax” to include streaming entertainment services like Netflix and Spotify.
The company says it will use the funds to expand in the U.S. and Europe.
Hybris Software, a provider of e-commerce technology to companies such as Adidas America Inc. and W.W. Grainger Inc., has received $30 million in funding. The company says it will use the capital to accelerate its growth in North America and Europe, address new vertical industries and make acquisitions.
“This financing represents another important step forward in reaching our goal to build hybris into one of the best and largest enterprise software companies in the world,” says CEO Ariel Luedi.
The funding came from investment firms Meritech Capital Partners and Greylock Israel, who are new investors in hybris, and by prior investor Huntsman Gay Global Capital. George Bischof, a managing director at Meritech, which led the funding, has joined the hybris board of directors.
Gene Alvarez, vice president and e-commerce analyst at technology research and advisory firm Gartner Inc., says the new funding will help hybris add to its suite of technology and services to better compete with companies such as Oracle Corp. and IBM Corp., which already offer comprehensive technology platforms that help retailers throughout the full process of sourcing, marketing, selling and servicing consumer products. He adds that one particular area where hybris may look to expand its technology offerings is in marketing campaign management services that are coordinated with e-commerce operations. That could improve how retailers on hybris technology trigger e-mail campaigns or display ads based on how their customers shop on their e-commerce sites. “Hybris has a lot of options to use this funding, including growing its sales force to get more distribution and providing more services,” Alvarez says.
Hybris makes its technology available as a licensed product, a managed service and under an Internet-hosted software-as-a-service model where retailers subscribe to the software on a monthly basis. A subscription based on a revenue-share model can start at about $10,000 per month, the company says.