The e-commerce developer announced today that it has picked up $133 million in financing from its current partners American Express and JPMorgan Chase and from new investor Citi. The company is looking to spend the influx of cash on paying off debt, generating working capital, and setting up some acquisitions.
In line with that third goal, Rearden also said that it has bought social-buying service HomeRun.com and its OfferEngine platform, an acquisition that will be used to further grow the Deem e-commerce platform.
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Surviving and thriving at Rearden Commerce
As an e-commerce provider, Rearden's task is to try to simplify the sometimes complicated process of buying and selling over the Internet. The company's Deem platform provides both small and large merchants with a variety of applications and data analytics that they can use to improve the exchange of goods, services, and information online. Around 7,500 e-commerce companies currently use Deem to connect with their buyers, according to Rearden, and the company has been growing.
Over the past 12 months, Rearden has seen its distribution channel more than triple, giving it access to more than 60 million consumers. The company has quadupled its merchant network to more than 1.2 million. Initially focused on business travel, Rearden plans to roll out more varied applications for both consumers and merchants over the next several months, all of which are designed to be compatible with Deem.
Rearden CEO Patrick Grady is looking for the HomeRun acquisition in particular to boost Deem's expansion.
"Today, we begin to formalize the platform under the Deem name--a key milestone in the evolution of Rearden," Grady wrote in a letter posted today. "Deem connects buyers and sellers through a one-to-one, personalized marketplace and will be fueled in part by HomeRun.com's social commerce technology. With HomeRun.com, we can now provide our merchants with the ability to generate personalized, relevant, and contextual offers for your customers."