Toronto-based SaaS company Maropost has acquired search and product recommendation platform Findify for over $5.6 million CAD ($4.45 million USD) in considerations.
Using artificial intelligence, Findify combines store-specific trends with each user’s behaviour to help merchants improve their conversion rates.
Founded in 2011 by CEO Ross Andrew Paquette and CTO Jagdeep Singh, Maropost offers a commerce and marketing platform that supports direct-to-consumer companies with audience engagement, customer acquisition, and revenue growth. The company serves customers across multiple sectors, such as ecommerce, retail, media, as well as travel and hospitality.
Maropost’s platform has attracted the likes of Mercedes-Benz, HP, the New York Post, Luxottica and Shop.com.
Paquette told BetaKit in January that the company’s plan was to acquire three businesses in 12 months, then “be done with the acquisition side of things.”
At that time, Maropost had just announced the close of its second acquisition, which was of Australian point-of-sale (POS) software provider Retail Express for over $50 million CAD ($55 million AUD).
As its first acquisition, Maropost tapped into Neto, purchasing the company for $58 million CAD in March last year. This was also when Paquette told BetaKit of his plans to acquire companies that are complementary to its product suite, as well as his long-term strategy to take Maropost public.
Sweden firm Findify represents Maropost’s third acquisition to date. Findify was a subsidiary of Vancouver portfolio wellness firm Lifeist Wellness (formerly Namaste Technologies). Lifeist acquired Findify in 2018 for $12 million USD.
Created in 2014 by Meni Morim, Jaclyne Clarke, Thomas Fattal, and Thibaut Patel, Findify aims to help deliver personalized shopping experiences for consumers. Using artificial intelligence, Findify combines store-specific trends with each user’s behaviour to help merchants improve their conversion rates.
Findify claims a customer base of more than 1,800, working with clients such as Victoria Beckham’s luxury fashion store, Draper James (Reese Witherspoon’s clothing store), Billionaire Boys Club (Pharell Williams’ clothing and ice cream line), and Good American (founded by Khloe Kardashian).
Maropost said that Findify’s integration into the former’s product suite will enable merchants to gain access to next-generation merchandising, search, product recommendation, and analytics solutions for their ecommerce stores.