E-commerce solutions company Rearden Commerce today announced that it has raised a monster round of funding, securing a whopping $133 million in new financing from current backers American Express and JPMorgan Chase, as well as from new investor Citi.
In addition, the company announced that it has acquired HomeRun.com, creator of the HomeRun social buying service and its OfferEngine platform, which powers group commerce programs for third-party consumer websites.
Rearden Commerce says it will use the fresh capital to repay debt, for working capital and undefined “high-growth initiatives”, including acquisitions.
Rearden offers a platform dubbed Deem, and, through a range of interoperable smart applications, seeks to leverage big data, analytics and semantics technology to optimize the exchange of goods, services, and information with personalization and repeat value to drive customer loyalty.
Over the past 12 months, Rearden Commerce claims to have more than tripled its distribution channel penetration, giving it access to more than 60 million consumers, and quadrupling its merchant network to over 1.2 million.
As a result of the aforementioned acquisition, HomeRun.com services will be integrated into the Deem platform and ecosystem.
Explains Patrick Grady, founder and CEO of Rearden Commerce:
“Adding the expertise in social commerce and game mechanics from the HomeRun.com team, along with their pioneering work in self-service merchant tools, aims to instantly enhance the value of the Deem platform and ecosystem.
Ultimately, we are seeking to fundamentally transform commerce by perfecting the interaction between buyers and sellers by correlating an individual’s preferences, location and circumstances with all the options available from merchants – and presenting just those that are relevant to that buyer.”
HomeRun will continue to offer daily deals to customers, and says it will begin to leverage the assets and personalization capabilities of Rearden’s Deem platform in the coming months.