Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Elastic Path will be continuing to invest rapidly in innovation across its ecosystem of digital commerce products.
Vancouver, B.C. (June 13, 2013) – Elastic Path Software Inc., the digital commerce company, today announced that it has secured a CDN$8-million debt facility with Wellington Financial LP, a privately-held specialty finance firm based in Toronto, Canada.
“This financing partnership is an important step in the next phase of our growth, allowing us to expand our market presence, and accelerate innovation,” said Harry Chemko, CEO of Elastic Path. “Today’s ecommerce is all about generating business value from great digital experiences across multiple touchpoints. Our digital commerce platform helps enterprises unlock that value and generate revenue.”
Elastic Path will be continuing to invest rapidly in innovation across its ecosystem of digital commerce products, including:
- Commerce Engine, the industry’s most flexible platform for managing products, bundles, discovery, pricing, promotions, personalization, and purchases;
- Subscriptions, a cloud-based solution for all recurring revenue and usage-based business models, and;
- Cortex, the world’s first hypermedia API platform for driving customer experiences across every digital touchpoint.
The company will also be accelerating growth of its sales in response to global demand for flexible ecommerce solutions for the enterprise.
With Cortex, Elastic Path is already a leader in the area of API-centric ecommerce and the API economy. This relatively new type of ecommerce allows businesses to add native monetization to any touchpoint, including websites, mobile apps, media platforms, digital tablet magazines, or even ecommerce embedded in proprietary hardware such as an automobile.
“Cortex technology is uniquely positioned to link resources from incompatible business platforms into one payload, which solves a major headache for enterprises,” said Sal Visca, Chief Technology Officer, Elastic Path. “With this investment, we plan to increase our lead in API-enabled ecommerce solutions.”
In a recent study by Forrester commissioned by Elastic Path, almost 70% of IT professionals said they believe that API technology is key to growing their business. The report found that more than half of enterprises that try to deliver digital customer experiences without using API technology often fail.
For more information about Cortex, visit www.elasticpath.com/products/cortex or download the Forrester research atwww.elasticpath.com/forrester-report-digital-experiences.
About Elastic Path
Elastic Path builds commerce software that powers the next generation of digital experience. We help businesses maximize revenue from their goods, services, and content with solutions that empower companies to create outstanding customer experiences that drive engagement and conversion. Elastic Path technology brings this functionality to multiple touchpoints – websites, apps, APIs, and more – while generating a single view of the customer. Market leaders, including Google, Pearson, Symantec, Time Inc., and Virgin, use Elastic Path to drive billions of dollars in digital commerce annually.