Acquisition will enable Pivotree to evolve data management services and add new capabilities
TORONTO, November 2, 2021 / CNW / – Pivotree Inc. (TSXV: PVT) (“Pivot shaft” or the “Society“), one of the main suppliers of frictionless trading solutions, is pleased to announce that it has entered into a definitive agreement (the “Transaction”) to acquire Codifyd, Inc. (“Codified“), a leading data services and master data management company. The acquisition will expand and enhance Pivotree’s capabilities in data management as a foundational component of the company’s frictionless business strategy.
With the acquisition of Codifyd, Pivotree will rapidly evolve its existing multi-domain MDM practice. It will also bring additional capabilities to the market, enabling leading brands to efficiently acquire, manage and enhance data across all channels to enable consumers to have reliable and seamless experiences.
The extensive data management strategy capability will enable Pivotree clients to leverage their data to achieve digital transformation goals. With the addition of the content service practice, customers will also benefit from data optimization to deliver exceptional customer experiences in digital commerce.
“This acquisition aligns perfectly with our vision of providing frictionless commerce solutions to our customers and our growth strategy by adding instant scale and increasing market share within this core capability set,” said Bill Di Nardo, CEO of Pivotree. “Codifyd brings in-depth domain expertise and a client base that complements the best retailers, distributors and manufacturers. We are delighted to welcome the Codifyd team under the Pivotree umbrella and to provide our customers with expanded product and service offerings in this key category.
“I am excited about the value our combined capabilities will bring to our customers and how they strengthen our relationships with our partners. Scaling our MDM practice and adding a data management and content services strategy is critical to our go-to-market strategy. This acquisition can help our customers remove friction from their information supply chains, making it easier for their consumers to find them and building confidence in their digital commerce ecosystem, ”said Derek corrick, Managing Director, Data Management at Pivotree.
“Our combined data management teams bring global scale, industry credibility and domain knowledge unparalleled in our industry. This empowers us to deliver comprehensive e-commerce solutions spanning strategy, execution of e-commerce, MDM and clean data to power e-commerce.With Pivotree, we have found a partner who shares our vision for the future of frictionless commerce and who will help us deliver additional capabilities globally as our customers and partners appreciate ” Sanjay Agarwal, founder and CEO of Codifyd.
Codifyd was founded in 2000 and is headquartered in Chicago, Illinois with regional offices and an experienced global delivery team of over 150 professionals, located both in the UK and India. Codifyd has a customer base of over 400 leading brands and strong strategic partnerships with leading master data management software companies including: Stibo Systems, Contentserv, Informatica, EnterWorks: a Precisely and Riversand company : a Syndigo company.
For the twelve month period ended September 2021, Codified generated turnover of US $ 12.9 million and was profitable. Over the past 3 years, Codifyd generated a compound annual growth rate (CAGR) of 14% on total revenue, and increased 31% year over year for the twelve month period finishing September 2021.
Details of the transaction:
Under the Transaction, a total purchase consideration of US $ 12.0 million cash will be paid in connection with the closing of the Transaction. In addition, sellers may be entitled to a earn-out subject to the achievement of certain net revenue targets for fiscal year 2021, ending the 31st of December, 2021.
The transaction is expected to close within the next 10-14 days, subject to satisfaction of all closing conditions, including receipt of applicable third party approvals.
Pivotree is a leader in frictionless trading with expertise in e-commerce, MDM, cloud, cybersecurity and supply chain solutions. It is an end-to-end provider that supports customers from strategy, platform selection, deployment and hosting to ongoing support. It functions as a one-stop expert resource to help businesses adapt relentlessly in an ever-changing digital commerce landscape. Leading and innovative customers rely on Pivotree’s deep expertise to choose proven business solutions and design, build and connect critical systems to run smoothly at critical times of a business enterprise. Pivotree is the trusted partner of more than 170 market-leading brands and forward-thinking B2C and B2B companies, including many Fortune 1000 companies. With offices and clients in the Americas, EMEA and APAC, Pivotree is widely recognized as a growing company and industry leader around the world. For more information visit http://www.pivotree.com.
Codifyd is the leading provider of end-to-end digital solutions, enabling businesses in all industries to create and grow digital commerce with a content-driven approach through master data management and information management services on products, product content management and digital commerce solutions. As a digital solutions partner, Codifyd has enabled many companies from all industries to accelerate their digital growth.
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information“) within the meaning of applicable securities laws. Forward-looking information may relate to the Company’s future financial prospects and anticipated events or results and may include information relating to the financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and targets. In particular, information regarding the Company’s expectations regarding results, performance, achievements, outlook or future opportunities or the markets in which the Company operates are forward-looking information. Forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “objectives”, “expectations”, “budgets” , “Planned”, “estimates”, “outlook”, “forecast”, “projects”, “outlook”, “strategy” , “Considers”, “anticipates”, “believes” or variations of these words and phrases or statements that certain actions, events or results “could”, “could”, “could”, “” maybe t “, or “will” happen. In addition, any statement that refers to expectations, intentions, projections or other characterizations of future events or circumstances contains forward-looking information. Statements containing forward-looking information are not historical facts but rather represent management’s expectations, estimates and projections regarding future events or circumstances. The forward-looking information contained in this document includes information relating to the conditions of the transaction, the proposed completion of the transaction and the expected benefits of the transaction by the company.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions which, although considered by the Company to be appropriate and reasonable at the date of this press release, are subject to risks, uncertainties, assumptions and other factors that may cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including, but not limited to, the risks and uncertainties associated with market conditions and the satisfaction of all regulatory requirements, as well as the risks and uncertainties associated with the business and finances of the Company in general.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove to be incorrect, actual results or future events could differ materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and the risk factors described in the “Risk factors” section of the Company’s dated prospectus 23 october 2020 must be considered with care.
Although the Company has attempted to identify significant risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors currently unknown to the Company or that the Company currently considers immaterial which could also cause actual results or future events to differ materially from those expressed in this forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Therefore, readers should not place undue reliance on forward-looking information, which speaks only as of the date of its publication. Forward-looking information contained in this press release represents the Company’s expectations as of the date of this press release (or the date on which it is otherwise indicated) and is subject to change after such date. The Company disclaims any intention or obligation or commitment to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Pivotree Inc.
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