Canadian private investment firm Otimo Retail has completed the acquisition of retail software development and implementation company XCCommerce.
Based in Canada, XCCommerce offers omnichannel promotion and coupon solutions to major retailers, such as LBrands, Ascena Group, Metro, Tailored Brands, and Lowes Canada.
The company offers its services to clients across various retail segments including apparel, grocery, drugstore and hardware.
XCCommerce CEO Nabil Tabet said: “The Otimo leadership is the perfect cultural fit for XC. They have a deep understanding of retail, they believe in providing excellent customer service, they value high-calibre employees, and we share a synergetic vision for growing the company.”
Both the companies will now focus on integrating their expertise, while enabling global retailers to optimise their promotional and coupon initiatives under a unified commerce approach.
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Canadian cooperative Desjardins Capital served as an institutional investor to Otimo Retail by offering the funding and strategic support to complete the acquisition of XCCommerce.
Otimo Retail partner Howard Stotland said: “XCCommerce is the best kept secret in retail systems. We were highly impressed by their client base and the quality of both their products and services.
“As evidenced by their stellar references, the company clearly delivers tangible business value to their customers. We are thrilled to add them to our portfolio.”
Otimo Retail is a growth stage investor focused on retail technology. The company’s portfolio includes various retail technology firms, such as Storeforce Solutions, Momentis Systems, Logiwa, Fiska and Sonder.