HGGC merged its Canadian software developer ICongo Inc. with Germany¹s Hybris GmbH, creating what it calls the world¹s largest independent electronic-commerce software business.
HGGC Merges ICongo With Hybris to Expand in E-Commerce By Beth Jinks and Cristina Alesci - Aug 23, 2011 HGGC merged its Canadian software developer ICongo Inc. with Germany¹s Hybris GmbH, creating what it calls the world¹s largest independent electronic-commerce software business.
Hybris, based in Munich, and Montreal¹s ICongo provide companies and manufacturers with software to run Internet sales and manage inventories, the investment firm said today in a statement. Palo Alto, California-based HGGC, which acquired ICongo with management in November, has a majority stake in the combined Hybris. Terms weren¹t disclosed.
The buyout firm seeks to capitalize on growth in global e- commerce, which it expects to more than double to $653 billion by 2015. The new Hybris has about 350 customers, including Adidas AG, Nikon Corp. (7731) and Toys ³R² Us Inc., allowing it to compete withOracle Corp. (ORCL) and International Business Machines Corp.¹s units for large clients and better serve smaller companies as well, according to Richard Lawson, a co-founder and CEO at HGGC.
³Most of these retailers and manufacturers are taking out what they bought 10 years ago in the early 2000s and putting in more dynamic and more robust solutions,² Lawson said in a telephone interview.
The combination follows Redwood City, California-based Oracle¹s January acquisition of Art Technology Group Inc., a maker of software for online marketing, and San Jose-based EBay Inc. (EBAY)¹s $2.4 billion purchase of GSI Commerce Inc. in March.
Hybris¹s sales will exceed those of Demandware Inc., an e- commerce provider that reported $36.7 million in revenue last year, according to Lawson. Demandware, based in Woburn, Massachusetts, filed in July to raise about $100 million through an initial public offering to finance growth.