RESEARCH SECTOR
E-commerce optimization
The e-commerce sector continues to experience tremendous growth. Our focus is on technologies that enhance online shopping experiences, improve operational efficiency and drive sales growth with advanced analytics, artificial intelligence and personalized customer experiences.
Discover the latest trends and technologies shaping e-commerce optimization
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Key themes and focus areas
In e-commerce optimization, we focus on technology companies that provide infrastructure software, applications, tools and integrations that enable a broad range of core online shopping capabilities. These capabilities, while generally underappreciated by online shoppers, must work seamlessly in the background to ensure high-quality user experiences.
- Generative AI
- Sales attribution and analysis
- Marketplace enablement
- Marketplace tools
- Communication platforms (email, text, chat, push)
- Unified communications
- Ratings and reviews
- Returns management
- Order management
- Product information management
- Workflow applications
- Collaboration tools
- Shoppable media
- Retail media networks
- Mobile engagement technology
- Recommerce
- Compliance
- Shipping and logistics
- Drop shipping
- Gaming commerce (g-commerce)
- Unified shopping cart
- Warehouse management and fulfillment technology
- Digital watermarking and authentication technology
- Digital promotions and coupons
- Augmented reality and virtual showrooms
The proportion of goods purchased online rather than at physical stores has been steadily increasing over the past decade, and the pace intensified during the pandemic. This shift has been driven by greater product selection and availability, automation, more competitive pricing, increasing consumer trust and greater convenience — especially now that expedited shipping is the norm. The change has benefited not only retailers and sellers who have opened online stores but also technology vendors across multiple disciplines that enable online selling and fulfillment activities. Technology vendors should see further benefits as the shift continues, as online sellers must continually invest in e-commerce technologies to ensure efficient operations and remain competitive.
Our focus in e-commerce optimization has broadened from e-commerce platforms and middleware to encompass point solutions, platform plug-ins and other add-on tools. These offerings evolve and innovate quickly, are best-of-breed in their respective categories and create lasting value for businesses.
Our sector leaders
Matthew Nicklin
Managing Director, Office of the President
David Gearhart
Senior Vice President
Richard Conklin
Managing Director
Marta Mikos
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Venture capital activities
SmartCommerce is an AI-based data platform that centralizes and optimizes massive amounts of real-time consumer packaged goods (CPG) product data to create and support solutions that drive frictionless acceleration of e-commerce for CPG and fast-moving consumer goods manufacturers and their retailer partners.
ViralGains is the leader in intelligent ad journey orchestration. The company’s proprietary SaaS platform, ViralGains Odyssey, enables marketers to create unique ad journeys on leading demand-side platforms that improve brand trust, drive customer action and reduce wasted ad spend by making ads relevant to real-time customer sentiment and behavior. ViralGains is headquartered in Boston, with offices in Chicago, Los Angeles, San Francisco, and New York.
Freeosk is a proprietary marketing services platform that offers consumers a fast and fun way to receive free samples of new products wherever they shop, play and explore. Via a network of interactive kiosks that automatically distribute free samples, Freeosk aims to improve current product sampling solutions by increasing consumer conversion rates while providing deeper insights to retail and manufacturer partners about how shoppers discover and adopt new products.
Relevant advisory transactions
Exclusive financial advisor
Miva
Strategic growth investment from Equality Asset Management
Learn moreExclusive financial advisor
Miva secured a strategic growth investment from Equality Asset Management
First Analysis acted as the exclusive financial advisor to Miva in securing a significant growth investment from Equality Asset Management (EAM), a Boston-based growth equity firm.
About Miva:
Miva offers a flexible, adaptable and scalable e-commerce platform that enables 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 e-commerce.
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.
Exclusive financial advisor
sticky.io minority equity investment led by Flexpoint Ford
First Analysis acted as the exclusive financial advisor to sticky.io (formerly LimeLight CRM) for its capital financing led by Flexpoint Ford. First Analysis focuses its advisory services on high-growth, entrepreneur-driven software companies like sticky.io. The First Analysis team worked closely with the Company to understand the industry and create a unit-based economic model while positioning the Company optimally in the marketplace. First Analysis was actively engaged throughout the transaction process, including preparation, positioning, investor coordination and contact, due diligence, and negotiation.
About sticky.io:
Headquartered in San Francisco, sticky.io is a global e-commerce and subscription platform that helps brands build lasting bonds with customers. Consumers today expect authentic and personalized experiences when they interact with brands. Being able to deliver the right message and offer at the right time can mean the difference between loyalty and churn. With 450+ partner integrations and over 10,000 merchant customers processing more than $4.5 billion in transactions annually, sticky.io is the leading billing and customer management solution for direct-to-consumer and subscription eCommerce brands.
About Flexpoint Ford:
Flexpoint Ford is a private equity investment firm with $2.3 billion under management specializing in financial services and healthcare. We believe private equity investing in both financial services and healthcare requires deep industry experience as well as relentless focus on the developments in these specialized and highly regulated industries.
Exclusive placement agent
Certona Series B convertible preferred stock by Primus
First Analysis acted as the exclusive placement agent in an equity investment in Certona, the leader in omnichannel personalization solutions for the world’s largest brands and retailers. First Analysis provided advisory expertise to Certona throughout the transaction, including preparation, positioning, investor coordination and contact, due diligence and negotiation.
About Certona:
Headquartered in San Diego, CA, Certona is the leading provider of real-time, personalized content management experience solutions. Certona pioneered the use of patented machine learning and predictive algorithms for real-time profiling of individual shoppers across various digital retail channels. Within 3-4 clicks on a site, the Company’s personalization platform enables retailers to accurately predict the next best action for the shopper to deliver the most relevant, in-the-moment shopping experience. As a result, Certona’s clients experience significant improvements in customer engagement, conversions and sales. Founded in 2004, Certona now serves over 40 billion personalized consumer experiences a month for many of the world’s leading brands and retailers, leveraging data from every consumer engagement point. Certona was acquired by Kibo, a leader in cloud commerce, in 2019. Kibo sold Certona, now known as Monetate, in 2022.
About Primus:
Founded in 1984 and with offices in Cleveland and Atlanta, Primus is a growth-oriented private equity firm focused on investing in leading healthcare, software, and technology-enabled services companies. The company is currently managing Primus Capital Fund VIII, building on a long history of successful investing. Primus has invested in over 130 companies, partnering with exceptional management teams to accelerate growth and create shareholder value by applying industry knowledge, financial resources, and investment experience.
Exclusive financial advisor
Demandware Follow-on
$188,700,000
About Demandware:
Demandware Inc., based in Burlington, Mass., was a software-as-a-service e-commerce platform provider that enabled companies to design, implement, and manage their own customized e-commerce sites. Demandware was acquired by Salesforce in 2016.
Investment banking and corporate finance services are provided through First Analysis Securities Corporation (“FASC” or “First Analysis Securities”), a subsidiary of First Analysis Corp.