MIAMI, Nov. 4, 2015 /PRNewswire/ -- Mi9 Retail, the premier provider of merchandising, business intelligence and customer-centric store operations software for retailers, today announced it has received an investment led by global growth equity investor Summit Partners. The investment will help to fuel the company's continued growth – including funding its recently announced acquisition of Raymark – and position Mi9 Retail to realize its vision to become one of the largest, privately owned, software companies focused exclusively on retail.
"Mi9 Retail disrupted the retail software market by introducing a complete business intelligence and merchandising solution as a single product," said Mi9 Retail CEO James Zubok. "We're confident that our partnership with Summit will enable Mi9 Retail to accelerate our growth while continuing to ensure that our products and our services levels outpace the competition."
Mi9 Retail has more than doubled revenue and headcount since January 2014 when the company was acquired by the team of experienced operators at Respida Capital. On November 3rd, Mi9 Retail announced the acquisition of Raymark Xpert Business Systems. The acquisition expands Mi9 Retail's product portfolio and geographic reach.
"Together, Mi9 Retail and Raymark can better service the spectrum of retail customers including big-box stores, specialty retailers, department stores, fashion retailers and jewelry outlets, among others," added Mi9 Retail President, Neil Moses. "Today, we provide a comprehensive set of solutions to meet the needs of multi-channel retailers with a customer-centric approach to retail."
"In the software sector, Summit focuses on partnering with businesses that have strong management teams, a history of rapid growth and a proprietary technology that will help them become leaders in their respective industries," said Michael Medici, a Principal at Summit Partners who will join the Mi9 Board of Directors. "The market for ERP and customer-centric retail solutions is growing quickly, and we believe that Mi9 Retail is well positioned to capitalize on this opportunity."
About Mi9 Retail
Mi9 Retail, the premier provider of enterprise retail merchandising, business intelligence and customer-centric software, empowers the world's most successful retailers to build strong personal relationships with their customers, process high volumes of transactions in real time, and optimize inventory across all channels utilizing a single, accurate source of the truth. Built using cutting edge technology, the software minimizes costs of ownership and provides the industry's fastest time to value. The company's global headquarters are located in Miami, FL, with operations in North America, Europe and Asia. For more information, please visit www.mi9retail.com.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that is currently investing more than $6.5 billion into equity and fixed income opportunities. Summit has invested in more than 400 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit Partners include Avast, Belkin, Flow Traders, Hyperion Solutions, Infor, McAfee, NetWitness, Postini, RightNow, SafeBoot, Uber and WebEx. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.
SOURCE Mi9 Retail