Huntsman Gay Global Capital, a middle market private equity firm, has made a growth equity investment in iCongo, an e-business systems and software developer that provides an e-commerce platform with B2C, B2B, multi-channel, order management and marketing solutions.
iCongo’s founders will continue to manage the business going forward. Terms of the private transaction were not disclosed.
Headquartered in Montreal, iCongo serves more than 100 clients with its e-commerce platform and related services, including many multinational and world-renowned retailers and brands. The company recorded a revenue increase of more than 30 per cent in fiscal year 2010 and added 13 new customers in the last six months compared to 12 new customers in 2009.
"Multi-channel B2C and B2B commerce will be a key growth diver for large and mid-sized companies in the years to come," says Steven Kramer, president of iCongo. "Huntsman Gay showed a sophisticated understanding of our business and how their investment, expertise and relationships could help us expand and take advantage of this tremendous market opportunity."
"iCongo has built a fully featured, and highly customisable software platform that has one of the broadest feature sets of any e-commerce vendor," said David Dame, managing director of Huntsman Gay Global Capital. "Because they built the system from the ground up, it is highly configurable, efficient and inexpensive to get up and running for companies that do not have a large internal IT staff. In addition, iCongo is well-positioned to address emerging industry trends now. They are at the forefront of multi-channel integration, giving retail customers the flexibility that they are increasingly demanding, and have mastered the complexities of B2B commerce as companies create portals for their business partners."
