E-Commerce technology and omnichannel solution provider Speed Commerce has completed a restructuring process that has resulted in new ownership and fresh investment in the company.
The company’s new owners, led by Garrison Investment Group, are investing approximately $150 million through a combination of debt restructuring and new growth capital, allowing the company to capitalize on the e-Commerce marketplace. Significant additional capital to support expected future growth has also been earmarked.
Along with the financial restructuring actions, Speed Commerce announced three new C-level additions to the management team:
- Hari Pillai, CEO;
- Jyoti Kapoor, COO; and
- Jochen Vogt, CFO
The new leadership team plans to expand the company by 20% to 40% annually over the next several years via organic growth and selective acquisitions. To support the expansion, the company also has a goal of increasing its employee base of approximately 1,500 by 20% to 40% per year over the next three to five years.
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The new executives will lead a growth strategy that encompasses:
- Accelerated organic growth through strengthened partnerships with existing customers;
- Aggressive customer acquisition with an emphasis on under-penetrated market sectors such as health care;
- Expansion of the company’s “mass personalization” service offerings;
- Setting the standard in the industry for operational excellence, customer service and development of human capital; and
- Targeted M&A.
The new company, formally known as Speed Commerce Operating Company LLC, will continue to operate as Speed Commerce.
