US-based Bloomreach, an API company that helps eCommerce customers with search and web site creation, raised US$ 150 million investment on 26 January 2021 from Sixth Street Growth at a valuation of US$ 900 million.
Bloomreach also acquired Exponea, which was founded in 2016 in Slovakia and has raised over US$ 57 million. Exponea gives Bloomreach a marketing automation component that was missing wherein marketers could target and personalize their marketing messages. Bloomreach gained 200 additional employees and it had 300 prior to the acquisition.
Purpose of Investment: The funds were utilized in part to buy Exponea. The rest will be invested in engineering and building the product line. The ultimate goal of the company is an IPO.
About Bloomreach
Founded in 2009 by Ashutosh Garg and Raj De Datta, Bloomreach helps companies move fast to create, measure, scale and continuously improve the customer experience. The idea is that every online experience can be improved if catered to the specific needs and interests of individual customers. In 2012, Bloomreach launched its first product, which uses smart algorithms that understand the language customers use to search and helps businesses automatically deliver landing pages that match the searcher’s intent.
Bloomreach provides a digital experience platform built specifically for brands, retailers, and B2B companies. It combines content management, AI-driven search and merchandising capabilities. The company’s flagship product, brX (Bloomreach Experience) is acknowledged as a Visionary in the Gartner 2018 Magic Quadrant for Digital Experience Platforms. Its clients include global brands such as Puma, FC Bayern München, Albertsons, Staples, Bosch and Marks & Spencer among others.
What the CEO has to say: “Historically, we have had two major pillars of the business, the search part of it and the content part. The content management component lets customers build websites, while the search powers the search box, navigation and merchandising. All of it is powered by an underlying data analysis engine that matches data to people and people to products,” said Bloomreach CEO and co-Founder Raj De Datta.
“Exponea and Bloomreach have a common vision and a common product direction. Both companies are data-driven optimization technologies and both are entrepreneurial product-driven companies,” said De Datta.
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