Update: According to Inc42 sources, who are familiar with the development, the companies are yet to close the deal and it will be of much bigger value, then reported earlier.
With an aim to personalize customer engagement through an omni-channel strategy, the Bangalore-based software-as-a-service CRM solutions provider, Capillary Technologies Pvt Ltd has acquired digital commerce solution provider MartJack.
The company has raised a loan of INR 15 Cr for the acquisition. According to a recent filing with Ministry of Corporate Affairs, Capillary had passed a special shareholder resolution in February to borrow up to INR 9 Cr by way of a term loan from SVB India Finance at an annual interest rate of 15.15%.
MartJack, is a flagship multi-channel ecommerce platform of Hyderabad-based Reasoning Global eApplications on which WalMart India went live last year. It counts Clarks and Body Shop as its clients, and caters to retailers across internet, mobile and in-store kiosks to boost online and offline sales. Reasoning Global eApplications, founded by serial entrepreneur Abhay Deshpande in 2007. Earlier in 2013, the company had also launched an online mall Jumboten, which did not work well enough.
Capillary was founded in August 2008 by IIT Kharagpur alumni Aneesh Reddy and Krishna Mehra. It is into cloud-based software solutions that helps retailers engage with customers through mobile, social and in-store channels. The firm claims that its integrated marketing platform allows retailers to easily manage their customer data, gain insights and personalise engagement across multiple channels. The company caters primarily to the clients in the retail market.
The company claims to have more than 170 major brands across 12,000 retail locations in the US, UK, Middle East, South Africa and the Asia-Pacific region. It’s customers include Benetton, Marks & Spencer, Puma, Pizza Hut and KFC. It has offices in India (Delhi, Bangalore and Mumbai), Singapore, the UAE (Dubai), the UK (London), the US (California), and South Africa (Johannesburg).
Earlier in July last year, it had raised $14 Mn in a round led by existing investors Sequoia Capital and Norwest Venture Partners. Prior to this, it had secured $17 Mn in its Series A round of funding from Sequoia, NVP and Qualcomm Ventures. It also won a $4.5 Mn strategic investment from American Express in February last year.