CEO Roland Smith will retire and Troy Rice will oversee e-commerce as Office Depot’s new chief operating officer.
The vendor, which plans to announce the funding round tomorrow, says it will use the funds to expand internationally and develop new tools.
Online marketing firm Kenshoo Ltd. has raised $20 million in its latest funding round, led by Bain Capital Ventures. Investors Sequoia Capital, Arts Alliance and Tenaya Capital also contributed.
Kenshoo’s software serves as a hub that advertisers can use to manage their online marketing campaigns. It also offers social, search and local platforms that help marketers analyze their ad spending. The vendor collects a percentage of what clients spend on advertising through its platform.
Kenshoo says it plans to use the investment to develop new tools and further expand its international presence.
“Our new partnership with Bain Capital Ventures and the continued support of existing investors is evidence of the strength of the digital marketing industry as well as Kenshoo’s unique positioning with predictive media optimization,” says Yoav Izhar-Prato, Kenshoo co-founder and CEO.
Ten retailers ranked in the 2013 Internet Retailer Top 500 Guide list Kenshoo as their search marketing agency. They include Walmart.com (No. 4), Sears Holdings Corp. (No. 6) and Williams-Sonoma Inc. (No. 22).