Cymax Group Announces Name Change to Cymax Group Technologies Ltd.
VANCOUVER, BC, June 10, 2021 /PRNewswire/ - Cymax Group, a leading eCommerce technology solutions and services provider in the home category, announces a change to its corporate name effective June 1, 2021. Previously Channel Gate Technologies Inc. DBA Cymax Group, the company will now be named Cymax Group Technologies Ltd., to better reflect its ambitious vision for the future of eCommerce.
"As Cymax Group Technologies, we maintain the spirit and legacy of the company as an early innovator in the eCommerce ecosystem, recognizing our beginnings selling media furniture online while leaning into who we are today – a group of brands dedicated to helping merchants design digital commerce strategies that scale and power growth," said Riz Somji, CEO of Cymax Group. "This is a refresh. A shift symbolizing the inspired ingenuity with which we have always approached the design and development of new tools that we share with our clients."
The name change comes on the heels of a monumental year for the company that recently reported significant year-over-year growth in the first quarter of 2021, following a year of historical increases in sales and profit in 2020. Somji firmly believes that the accelerated growth in online shopping fuelled by COVID-19 combined with fundamental shifts in consumer habits in today's marketplace economy, presents a significant opportunity to help businesses develop strategic and scalable eCommerce solutions.
This trend has led to the continuous investments in technology and people to support the company's strategic expansion and mission of simplifying eCommerce. It signals a confidence in Somji that Cymax Group will continue its trajectory of growth, enabling merchants to succeed in an online home category estimated to reach USD 177B in sales by 2025.
"Selling furniture online is hard. While sourcing and shipping are obvious barriers, so is the complicated infrastructure of technology and services required to make it work," said Somji. "On the way to becoming one of the largest online furniture retailers in North America through our own boutique marketplaces Homesquare and Cymax Business, we became really good at building the technology, systems and services required for success. The proprietary technology we've built in-house over 17 years has paved the way for Cymax Group to become a fast-growing eCommerce SaaS provider."
Channel Gate, the company's AI-enabled multichannel commerce platform helps merchants launch quickly and scale across multiple marketplaces, while Freight Club, a shipping management software, offers real-time access to a vast network of carriers and rates otherwise out of reach for smaller merchants. In a category where shipping can quickly dissolve margins, especially in the face of current supply chain obstacles, Freight Club offers a way to compete and deliver an exceptional consumer experience.
Since March 2020, Cymax Group has enabled countless other retailers to build their businesses online–including those entering online markets "late in the game" who have needed to establish and scale online sales quickly to stay afloat during the COVID-19 pandemic.
In the same period, Cymax Group has grown its headcount 70%, including an expansion of the leadership team with the key appointments of Byron Thom as senior director and advisor to the CEO and Brad Kent as vice president of analytics and engineering. The company has planned additions to its Board of Directors, which already includes Plenty of Fish founder Markus Frind and Framework Venture co-founder Andrew Lugsdin.
"When I became CEO, my priority was to recapture the core values that make us a technology leader," adds Somji. "We're relentless – obsessed, really – with being the best partner to merchants. We champion an open ecosystem that allows companies of any size to access and assemble the components required for success, technology and services designed over nearly 20 years."
About Cymax Group:
Cymax Group is a leading provider of eCommerce technology and services that enable seamless activation and scale from design to delivery. Through boutique marketplaces Homesquare and Cymax Business, Cymax offers exclusive access to new markets and consumers; Channel Gate delivers integrated tech and services across leading marketplaces, and Freight Club provides retailers access to an expanded carrier network and enterprise rates through its logistics tech platform.
SOURCE Cymax Group Technologies Ltd.
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