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 that it has acquired CommerceV3, the leading full-service cloud platform for high volume digital commerce.
The terms of the transaction were not disclosed. CommerceV3 co-founders Blake Ellis and Nathan Focht will continue to run the business’s day-to-day operations.
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 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 ecommerce businesses with not just e-commerce software but also helping with marketing, order fulfillment and customer care. This makes CommerceV3Everything a full-service ecommerce 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 our customers 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 ecommerce platform, processing over $1 billion in ecommerce customer orders annually. We benefited from increasing online sales during the pandemic and, while larger ecommerce platforms have struggled due to a return to in-store shopping and inflationary pressures, our ecommerce revenues have remained strong. We’re thrilled to partner with Basis Vectors to continue driving this growth story.”
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