B2B private equity and technology firm Software-as-a-Service (SaaS) Basis Vectors has acquired digital commerce cloud platform Commerce V3, according to a Wednesday, July 20, press release. Terms of the transaction were not disclosed.
Blake Ellis and Nathan Focht, who co-founded Commerce V3 in 2002, will continue to manage the day-to-day operations of the company, the statement said. The company is a subscription-based SaaS company that provides e-commerce software and marketing services to hundreds of mid-market customers in the grocery and gift markets. The company helps its clients increase their website traffic, increase their conversion rates, and increase their revenue.
Basis Vectors Founder and CEO Ambarish Gupta said in the statement that the company acquired Commerce V3 because it “is well positioned for continued growth, particularly given the robust size of the e-commerce software market in $8 billion and growing.”
He added that Basis Vectors seeks to help “small e-commerce businesses with not only e-commerce software, but also… with marketing, order fulfillment and customer service.”
Ellis said in the statement that the deal “allows us to accelerate our impact on the customers we serve and expand our footprint,” while Focht said Commerce V3 “benefited from increased sales in online during the pandemic and, while major e-commerce platforms have struggled due to a return to in-store shopping and inflationary pressures, our e-commerce revenues have remained strong.”
Earlier this week, SaaS invoicing platform Subskribe launched a new offering for SaaS businesses called Revenue Recognition that allows them to integrate accounting services. The module will work with the adaptive quoting and invoicing platform Subskribe and allow businesses to integrate quoting, invoicing and revenue recognition to access better operations.
Read more: Subskribe launches revenue recognition module for SaaS companies
The module would work by tracking details of SaaS offerings including onboarding training, user support, and professional services to minimize confusion about what services have been delivered or are still due.
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