This acquisition will help Netcore Cloud drive global expansion and enhance its customer experience. Here are the top-line bullets you need to know.
Netcore Cloud, a full-stack marketing platform, has acquired a majority stake in Unbxd, an e-commerce search and personalization engine, for nearly $100M.
WHO ARE THE PARTIES TO THE DEAL?
- Unbxd: India-based Unbxd provides AI-powered search, merchandising, and recommendations to e-commerce merchants and D2C brands, powering around 25B searches for 200M+ unique shoppers each month. The startup has over 1.3K clients across 40+ countries — some of its clients include the Home Shopping Network, Mattress Firm, The Children’s Place, and Advanced Auto Parts. The company has offices in San Mateo and Bangalore, and it is supported by a team of 120 employees.
- Netcore Cloud: India-based Netcore Cloud enables B2C brands to establish digital experiences that boost customer acquisition, engagement, and retention. Its platform is currently growing by 40% year-over-year, and it witnesses 75% of India’s and 50% of Asia’s e-mail traffic. The company has over 5K clients across 18 countries — Standard Chartered, MaxLife Insurance, Flipkart, Disney Hotstar, Puma, and ICICI Bank are included among its client base. The company is looking to double its ARR to $150M by 2024. Netcore Cloud has 16 offices across India, the US, Nigeria, Singapore, Indonesia, Malaysia, Vietnam, the Philippines, Germany, the UK, and the UAE. The company is supported by a team of 500+ employees.
Source: Unbxd
WHY DOES THE MARKET MATTER?
- The global personalization software market is expected to reach a value of $2.7B by 2027, growing at a CAGR of 23.52%, according to 360i Research.
- The growing revenue opportunities associated with improved customer satisfaction have contributed to market growth. In addition, companies are increasingly turning to solutions that enhance mobile engagement in the face of rising smartphone penetration.
- Major players have entered the AI-driven personalization market. For example, Amazon launched Personalize, a tailored search provider, and Google added app personalization to Firebase, its development platform.
