- Myplanet has received $11 million in growth financing from Tercera
- The company is the largest composable commerce specialist and works with brands such as New Balance, Google and UNTUCKit
Tercera announced this week it made an $11 million growth investment in Myplanet, a Toronto-based provider of composable commerce, customer data and retail data platforms.
Myplanet is the largest composable commerce specialist and works with brands such as New Balance, Google and UNTUCKit.
The deal will allow the company to bolster its position in the market by deepening its MACH Alliance partnerships while simultaneously building out its offering of accelerators. Nearly 80% of Myplanet’s customers use its composable.com accelerators and the company plans to release additional accelerators for mobile and retail data in the next 12 months.
“What cloud did for computing, composable is doing for commerce,” said Bill Petty, partner at Tercera. “Myplanet’s rich history in building digital experiences gave it an inside view into how the space has been evolving and what customers need. We’re excited to partner with Jason and his diverse and incredibly talented team to build Myplanet into a global leader and the go-to MACH services partner.”
“We’re at an inflection point in commerce. It used to be a shopping cart and a buy button; now it’s experiences, subscriptions, consumption and connected devices,” said Jason Cottrell, CEO and founder of Myplanet. “Composable commerce allows retailers to tap into this future and increase speed, reduce spend and build interconnectedness. With this infusion of capital from Tercera, a firm that deeply understands the space, we can accelerate that shift and become the place to go for composable commerce.”
Tercera is a Chicago-based private equity firm that specializes in the cloud professional services market.