Basis Vectors Acquires Savannah-born CommerceV3
CommerceV3 (CV3) launched in Savannah in 2002 under the direction of co-founders Blake Ellis and Nathan Focht with its first office located off of Bay Street. The company grew to hire locally and today exists as a remote company. CV3 still supports its first three customers, all located in Savannah: Savannah Candy Kitchen, Byrd Cookie Company, and Mo Hotta Mo Betta.
NEW YORK–(BUSINESS WIRE)–Basis Vectors (“Basis Vectors”), a private equity and technology investment firm that focuses on creating long-term value for market leaders in the B2B SaaS space, announced today that it has acquired CommerceV3 (“CommerceV3”), the leading full service cloud platform for high volume digital commerce.
Terms of the transaction were not disclosed. CommerceV3 co-founders Blake Ellis and Nathan Focht will continue to run the day-to-day operations of the business.
Founded in 2002, CommerceV3 is a subscription-based SaaS business, providing eCommerce software and marketing services for hundreds of middle-market customers in the Food and Gift segments. CommerceV3 leverages its extensive knowledge of the digital universe to help clients become more successful by increasing website traffic, driving higher conversion rates and increasing revenue.
Ambarish Gupta, Founder and CEO of Basis Vectors, said, “We’re pleased to announce this acquisition and look forward to partnering with management to build on Commerce V3’s strong foundation, driving growth organically and through strategic acquisitions. The company is well positioned for further growth, especially given the robust size of the market for eCommerce software at $8 billion and growing.“
Gupta added, “This deal embodies our strategy of backing talented founders, operating successful businesses, in growing and exciting markets. CommerceV3 is a terrific addition to our portfolio, as we look to capitalize on the trend of helping small e-commerce businesses with not just e-commerce software but also helping with marketing, order fulfillment and customer care. This makes CommerceV3Everything a full-service e-commerce platform.”
CommerceV3 Co-Founder Blake Ellis commented, “We’re excited to work with Basis Vectors to launch the next chapter of CommerceV3. This new funding allows us to accelerate our impact with the customers we serve and expand our footprint. Basis Vectors’ impressive track record in executing transformational growth while building and streamlining SaaS organizations will enhance our ability to better serve our customers, while supporting our market expansion goals.”
CommerceV3 Co-Founder Nathan Focht added, “In a large and highly fragmented market, CommerceV3 is a full-stack e-commerce platform, processing over $1 billion in e-commerce customer orders annually. We benefited from increasing online sales during the pandemic and, while larger e-commerce platforms have struggled due to a return to in-store shopping and inflationary pressures, our e-commerce revenues have remained strong. We’re thrilled to partner with Basis Vectors to continue driving this growth story.”
About Basis Vectors
Basis Vectors is a Berkshire Hathaway style alternative investment and technology firm that acquires B2B SaaS companies and sets them on a path to superior capital efficiency. The company invests in North America headquartered SaaS companies with revenue in range of $1M and $10M. Using its proprietary SaaS Machine Platform to run the sales, marketing, engineering and finance functions of a SaaS company, Basis Vectors delivers an operational platform and ecosystem, bringing bespoke capital and capabilities to improve efficiency and help truly transform the business. Basis Vectors is headquartered in New York and has offices in Silicon Valley, India and Ukraine. For more information, please visit http://www.basisvectors.com.
About CommerceV3, Inc.
Founded in 2002, CV3 is the leading full service cloud platform for high volume digital commerce. Merchants benefit from robust software combined with a dedicated account manager, digital marketing experts, ecommerce designers and full-stack developers. For more information, please visit https://www.commercev3.com/.
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