Investment will Support the Growth and Expansion of Miva’s Customer Base and Products
Miva, Inc., a leading mid-market and enterprise ecommerce platform announced it has secured a significant equity investment from Boston-based growth equity firm, Equality Asset Management. The company will continue to be led by CEO, Rick Wilson. Financial terms of the deal were not disclosed.
“Emerging from the pandemic, the ecommerce industry is well positioned for growth as more merchants diversify their revenue sources and reevaluate customer engagement online,” said Rick Wilson, CEO of Miva. “As we double down on the things that continue to differentiate us in the market and focus on our growth, we are thrilled to partner with Equality Asset Management to enter the next phase in our evolution.”
For more than twenty years, Miva has provided a flexible and modern ecommerce platform to retailers, wholesalers and distributors, equipping them with the tools and capabilities needed to scale their ecommerce operations.
The company creates more agility for its B2B and D2C customers at every step of the sales journey. Whether integrating with existing systems, delivering curated shopping experiences, or creating a customizable online store for direct sales, the platform’s rich functionality, ease of use and customizable nature have positioned it as a technology of choice for thousands of companies globally. Miva’s low total cost of ownership and high customer satisfaction ratings also continue to receive industry recognition, as customers unlock new sources of revenue on the platform.
“For both mid-market and enterprise businesses alike, the requirements to manage back-end systems and supply chains have become increasingly complex due to the intricacy of product catalogs, price books and multiple customer touch points,” said Jeff Del Papa, Co-Founder and Managing Director at Equality. “Miva was early in recognizing the need to introduce affordable and configurable solutions that drive automation and reduce operating costs. We are pleased to partner with Rick and the team at Miva to support their future growth and success.”
“Miva has made significant investments in its software and is poised to grow organically and through strategic acquisitions. We are excited to support this strategy for expansion, in partnership with Miva’s management team,” added Oscar Loynaz, Vice President at Equality.
First Analysis acted as the exclusive financial advisor to Miva for the transaction. Sheppard Mullin LLP acted as legal advisor to Miva. Goodwin Procter LLP acted as legal advisor to Equality.
About Miva, Inc.
Miva offers a flexible, adaptable and scalable ecommerce platform that allows businesses to drive sales, maximize average order value, cut overhead costs, and increase revenue. Miva has been helping businesses realize their potential for over 20 years by empowering retail, wholesale, and direct-to-consumer sellers across all industries to transform their business through ecommerce. Learn more at www.miva.com.
About Equality Asset Management
Equality Asset Management is a growth-focused private equity firm. Equality provides equity capital and strategic and operating support to companies with long-term growth potential in the technology and tech-enabled services sectors. With decades of investment experience and operating experience, the firm has earned a reputation for value-creation, serving as steadfast partners to Founders and CEOs. Equality is based in Boston. For more information, please visit www.equalityassetmanagement.com.