Digital commerce specialist Elastic Path Software Inc has announced the appointments of Steve Munford, non-executive chairman at Sophos Inc, and Mike Satterfield, partner at Canadian venture capital firm Yaletown Venture Partners, to the company’s board of directors. Founded in 2000, the Vancouver-based Elastic Path has since mid-2013 raised a total of $12 million of growth equity and debt from its investors Yaletown and specialty finance firm Wellington Financial.
Ecommerce Software Leader Elastic Path Strengthens Board of Directors
Steve Munford of Sophos and Mike Satterfield of Yaletown Venture Partners will help expand company’s API ecommerce capabilities
VANCOUVER, British Columbia, Oct. 3, 2013 /PRNewswire/ — Elastic Path Software Inc., the digital commerce company, today announced that effective immediately two new members — Steve Munford, Non-Executive Chairman at Sophos Inc., and Mike Satterfield, Partner at Yaletown Venture Partners — have been appointed to the Board of Directors.
“I’m very pleased to welcome Steve and Mike to the Elastic Path board,” said Harry Chemko, CEO of Elastic Path. “They both bring considerable experience and expertise to the table and will prove to be great resources to the company as we innovate around API ecommerce and the digital experience.”
Steve Munford served as Sophos’ CEO from 2006 to 2012. During that time, led the company through a period of dramatic growth, more than tripling software bookings. He has a bachelor’s degree in economics from the University of Western Ontario and has an MBA from Queen’s University.
“Elastic Path is a world leader of innovative ecommerce platforms, so I’m pleased to be joining the board of directors,” said Munford. “Elastic Path is well known in the software industry, and I’m looking forward to working with their executive team to further strengthen their strategic position in the marketplace.”
Mike focuses on IT infrastructure and business software investments at Yaletown, and brings more than 25 years of operating and finance experience to Elastic Path. Prior to co-founding Yaletown, Satterfield was CEO of Simba Technologies (acquired by Pivotal), and co-founded Paradigm Development, a Vancouver-based contract software development firm. He has a B.Sc. degree from the University of British Columbia.
“All of the industry analysts agree that API-centric commerce is positioned to be a huge differentiator in the market as more and more companies look to innovate around the digital customer experience,” said Satterfield. “Elastic Path is in a unique position in the industry because it brings all of the necessary pieces to the table — CMS, API, and ecommerce.”
Over the past few months, Elastic Path has significantly strengthened its financing, raising $12-million since June 2013, to invest rapidly in innovation across its ecosystem of digital commerce products, including:
Commerce Engine, the industry’s most flexible platform for managing products, bundles, discovery, pricing, promotions, personalization, and purchases;
Subscriptions, a cloud-based solution for all recurring revenue and usage-based business models, and;
Cortex, the world’s first hypermedia API platform for driving customer experiences across every digital touchpoint.
The Elastic Path ecommerce platform has received notable attention by industry analysts of late. In its recent Hype Cycle for Digital Marketing, 2013 (July 2013), Gartner recognized Elastic Path as a “sample vendor” in the Commerce Everywhere category, along with Adobe, Amazon, Broad Vision, Facebook, and IBM. Elastic Path was also mentioned in Gartner’s July 2013 Magic Quadrant for Web Content Management (WCM), under the vendor entry for OpenText, with which Elastic Path has a global strategic partnership to provide digital commerce technology.
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About Elastic Path
Elastic Path builds ecommerce software that powers the next generation of digital experience. We help businesses maximize revenue from their goods, services, and content with solutions that empower companies to create outstanding customer experiences that drive engagement and conversion. Elastic Path technology brings this functionality to multiple touchpoints – websites, apps, APIs, and more – while generating a single view of the customer. Market leaders, including Google, Pearson, Symantec, Time Inc., and Virgin Media use Elastic Path to drive billions of dollars in digital commerce annually.
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