MIAMI, Nov. 5, 2015 /PRNewswire/ -- Otimo Retail announces it made an investment in Respida, the parent group for Mi9 Retail, which recently announced the acquisition of Raymark. In making the investment, Otimo Retail noted they were favorably impressed with the operational excellence and customer service bent of the Respida partners; James Zubok, Neil Moses, and Jason Williams and the rich product offerings their software companies have built. Mi9 Retail has gained significant market acceptance and traction, most notably with its Merchandising and Business Analytics tools. Coupling Mi9 Retail's strengths with Raymark's new POS, CRM and Clienteling software will enhance the combined group's reach and will establish Respida as a major player in the retail technology space. Further, Otimo Retail sees in Respida an organization that will continue to expand their reach in terms of products, markets and geographies.
Howard Stotland, co-founder of Otimo Retail, stated, "In our search of investment opportunities we look at many companies and have found very few similar to Respida. They have an attractive range of software products and they give close attention to their clients. Our independent reference checks were stellar and we really like the operational excellence and past successes of the executive team."
Otimo Retail, an investment vehicle backed by Howard Stotland, Matthew Stotland, and David Henning provides capital, strategic and operational guidance to small and mid-sized technology providers who develop, market and sell software solutions to retail organizations.
Howard was Founder and President of STS Systems, a pioneer in packaged software solutions covering In-Store, Customer and Head Office for specialty and department store retailers. Mr. Stotland has been recognized as an Innovator and Expert in Retail Systems Technology as well as a past winner of Ernst and Young's Entrepreneur of the Year Award for Product and Market Excellence. Mr. Stotland sold STS to NSB Systems, a publicly traded software company based in the U.K., in 2001.
David Henning, who worked with Howard at STS, ultimately became CEO of NSB and engineered the sale of NSB to Epicor in 2008. After the sale, David served as General Manager and EVP of Epicor Retail for several years. Mr. Henning, who spent the early part of his career leading retail IT organizations, is recognized for his expertise in retail business processes, and has developed a number of software products including POS, warehousing, and merchandising.
Matthew Stotland, who graduated from Boston University with a Computer Science degree, is co-founder of the Yellow Bird Project. Matt has also been active in the technology investment community over the last 5 years.
Together, Otimo Retail invests in retail technology companies with unique offerings that help retailers organize and streamline operations, convert shoppers to customers, and find and recruit talent. Along with providing growth capital, the group at Otimo Retail assists their companies with strategic advice on market and product fit, recruiting, marketing and sales initiatives.
SOURCE Mi9 Retail; Otimo Retail