Global private equity firm Francisco Partners has acquired Avangate, which focuses on customer-centric commerce with over 3,000 customers in more than 100 countries.
The purchase means Francisco Partners can provide a more complete commerce solution that will enable software as a service, cloud services and software companies to increase their online sales, as well as manage subscription billing and grow their reseller and affiliate distribution networks.
Carl Theobald, Avangate chief executive officer, said: "The explosion of customer touch points has shifted buyer behaviour at both traditional B2C and B2B companies and is driving the need for organisations to rethink their commerce solutions."
The additional investment from the deal will allow Avangate to expand its product development and carry out its vision of delivering customer-centric commerce.
My Le Nguyen, principal at Francisco Partners, said speed is the new competitive differentiation for companies. Avangate powers commerce for many Fortune 500 organisations and has received several industry accolades, including the CODiE Award for Best eCommerce and Billing Solution.
By Tony Aynsley