SaaS Platform Netcore Cloud Invests $100 Million in Unbxd, Acquires Majority Stakes in the Company
Key Takeaways:
- Netcore Cloud has invested around $100 million for a major stake in Unbxd
- Netcore is tipped to make additional investments in Unbxd to fuel its growth in the developed regions
- Once the acquisition is through, reports suggest that there won’t be any changes in Unbxd’s management
- The firm’s core management team and founders will continue to help the company expand after the acquisition.
Netcore Cloud, the IPO-bound SaaS vendor has announced that it has acquired around 90% stake in US-based search personalization company Unbxd.
Netcore has invested a sum of around $100 million to complete the acquisition of Unbxd.
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How does this acquisition help Netcore? What can we expect?
The acquisition will help Netcore establish itself as one of the leading digital experience platforms on a global scale. According to the statement released by the company, Unbxd’s AI-powered search solution is a great addition to Netcore Cloud.
Unbxd’s solution will help Netcore Cloud deliver real-time recommendations to retailers and e-commerce customers.
Although Netcore did not disclose the acquisition stake, a media report from Bloomberg suggests that the company has acquired a 90% stake in Unbxd Inc.
In addition, Unbxd’s management is expected to remain the same as the key management team and the founders will continue to help the company grow.
Unbxd will operate as an independent entity. Reports also suggest that Netcore will continue to rope in investments in Unbxd to accelerate growth in the developed markets.
Kalpit Jain from Netcore Cloud commented on the acquisition and said that Unbxd’s ML tech stack will allow Netcore’s customers to closely track the shopper’s interactions with search.
Kalpit said that as far as business growth is concerned, they see a considerable increase in customer base and revenue in the U.S. market. He added that they have been growing their platform business by 40-50% year-on-year over the past three years.
The recent investment will help Netcore turn its attention toward expanding its presence in the developed regions of the world including North America and Europe.
Besides, Netcore will also implement site-wide merchandising, personalization, coupled with shopper-centric recommendations.
More about Unbxd
Unbxd Inc was founded in 2012 by Prashant Kumar and Pavan Sondur. The company designs and develops advanced AI-powered product delivery suites.
Their search platform enhances conversions and retention for B2C brands and e-commerce retailers.
Unbxd’s stellar list of clients includes Ashely Homestore, Home Shopping Network, Advance Auto Parts, and more.
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