Monsoon Commerce Announces Several Actions Designed to Focus Business and Resources on Strategic Growth Initiatives

EMERYVILLE, Calif., Sept. 14, 2012 /PRNewswire/ -- Monsoon Commerce, a leading provider of e-commerce business solutions for mid-sized merchants, today announced several changes to better align the company behind its rapidly growing software business.  The announcements include securing an additional $8 million in financing, a change in leadership with Kanth Gopalpur replacing CEO Brian Elliott,  and a reallocation of resources from the commerce business (comprised of Alibris and marketplace services) to the software business.  These changes are key steps of a strategic plan to focus the company's resources on accelerating development of a next-generation, SaaS-based e-commerce business platform, as well as to further other aggressive growth initiatives.

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For Monsoon Commerce, 2012 is proving to be a benchmark year.  The company announced a record quarter in the first quarter of the year, continued investment in the development of new product capabilities, the hiring of key roles in all three office locations, and office expansion in Portland, OR and Philadelphia, PA.  Earlier this year, the company secured an additional $8 million in funding.  The funding provides the resources necessary to aggressively pursue strategic growth initiatives including accelerating the development of a next generation product suite, further expansion of international capabilities and presence, and helping build out a comprehensive services organization focused on ensuring the ongoing success of merchants selling online.

"We have been dedicating increased resources to our software business and these moves increase our focus even more so against those growth initiatives," said outgoing Monsoon Commerce CEO Brian Elliott.  "We have put the vast majority of our product development resources against improving and expanding our software offerings and now are realigning to reflect that structure.  By doing so, we ensure we are able to better serve the growth areas of the business and that the business remains on solid financial footing."

"A combination of strong e-commerce growth and an under-served mid-market provides an incredible opportunity to transform the status quo," said Kanth Gopalpur, who is currently president of Monsoon Commerce, and will succeed Brian Elliott as Chief Executive Officer effective immediately.  Mr. Elliott, who has served as Chief Executive Officer since 2007, is stepping down.  Having worked closely with Mr. Gopalpur since the merger of Alibris and Monsoon in February 2010, Mr. Elliott will continue to do so over the upcoming months to ensure a seamless leadership transition.

Mr. Gopalpur, new CEO of Monsoon Commerce, continued, "Brian has done an incredible job of bringing together three companies (Alibris, Monsoon, and Stone Edge Technologies) under a single brand and vision.  As a result, I am stepping into the leadership role of a company strategically well positioned for the future, led by a strong management team, and on a sustained growth trajectory.  I speak for the entire company in expressing gratitude to Brian for a job well done and look forward to working with the management team and staff to continue providing market-leading solutions to mid-sized merchants."

Robert Morse, partner with Oak Hill Capital Partners, the majority owner of the company, said, "We see continued global e-commerce growth and the increasing need for modern technology solutions as key areas of opportunity for investment.  As a result of Brian's leadership, Monsoon Commerce is now uniquely positioned to take advantage of these opportunities in helping merchants grow their business.  We are confident Kanth's understanding of the market combined with his experience in successfully building a software business makes him the right choice for the company given its current position.  We thank Brian for his outstanding service and we are looking forward to working closely with Kanth and the management team in support of Monsoon's next phase of growth."

The organizational realignment includes a reallocation of resources from the company's commerce business to its software business, affecting staff primarily at the company's headquarters in Emeryville, CA.  Several organizational changes are being made including the consolidation of the commerce business under Sean Moran, who is currently SVP of Sales and Business Development.  Additional changes affecting management, marketing, sales, and operations positions within Alibris and marketplace services will better align the company behind its software business.  The company expects the majority of the changes to be in place by the end of October 2012.

About Monsoon Commerce

Monsoon Commerce is an e-commerce solutions company powering the online success of mid-sized merchants.  Our integrated solutions allow you to easily manage inventory, orders, and fulfillment; sell more products in more places; and intelligently price products across channels.  Our more than 20,000 customers, including 2,500 online merchants and multi-channel retailers, commonly experience a level of success that is both impactful and enduring—at times, even transformational.  We call it the Monsoon Effect.  Learn more at www.monsooncommerce.com.

About Oak Hill Capital Partners

Oak Hill Capital Partners is a private equity firm with more than $8.2 billion of committed capital from leading entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions.  Robert M. Bass is the lead investor.  Over a period of more than 25 years, the professionals at Oak Hill Capital Partners and its predecessors have invested in more than 70 significant private equity transactions.  Oak Hill Capital Partners is one of several Oak Hill partnerships, each of which has a dedicated and independent management team.  For more information about Oak Hill Capital Partners, visit www.oakhillcapital.com.

SOURCE Monsoon Commerce