Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The acquisition of London-based Venda will help NetSuite expand into Europe.
NetSuite Inc., a vendor of web-based e-commerce and business software, has bought Venda Inc., which sells an e-commerce platform that is also web-based and used by a dozen top-selling e-retailers in Europe. Terms of the purchase were not disclosed.
NetSuite says the purchase of London-based Venda will support its expansion plans into the European market, and Venda’s experience with the European market will help support NetSuite clients.
"Venda’s expertise in supporting the needs of companies throughout Europe is a perfect match for NetSuite as our customers begin to adopt our SuiteCommerce omnichannel platform around the globe,” says Zach Nelson, NetSuite CEO. “By combining Venda’s deep customer insight and years of experience delivering a real-time, scalable commerce platform with NetSuite’s cloud leadership, we can bring new capabilities to B2B and B2C companies of all sizes and transform how they run their businesses.”
Venda’s e-commerce platform, Venda Convergent Commerce, is used by 12 e-retailers in Internet Retailer’s 2014 Europe 500, including department store chain Debenhams plc, No. 46; home improvement e-retailer Wickes, No. 74; and fashion and home goods retailer Laura Ashley Ltd., No. 250. Venda says nearly 100 retailers and manufacturers use its services.
NetSuite’s reach among top online retailers in Europe has been limited until now. One retailer ranked in the Europe 500, the U.S.-based Groupon Inc., says it uses NetSuite software for customer relationship management (CRM) and order management. Meanwhile, in the United States, 21 e-retailers among the Top 1000 North American e-retailers say they use the company’s e-commerce platform, 42 say they use its order management software and 37 use its CRM software, according to the Top500Guide.com.
To learn how e-retailers are better preparing for the acquisition activity among their technology vendors, check out the story Growing Pains in the August issue of Internet Retailer magazine, out Aug. 1.