ChannelAdvisor will leverage the additional capital to continue its growth into e-commerce channels such as paid search and comparison shopping engines. Additionally the company plans to expand its offerings into new geographies and investigate acquisition opportunities. Additionally, Patrick Kerins, NEA General Partner, will join ChannelAdvisor’s board of directors.
“We’ve been following ChannelAdvisor for a long time and we’ve increasingly been impressed by their superior technology, significant traction in the retail sector, and uniqueness of their ChannelAdvisor Complete™ product offering,” says Patrick Kerins, General Partner of NEA.
“This funding will enable us to build upon our industry-leading e-commerce channel management solutions and expand our expertise into new channels both in the US and internationally,” says Scot Wingo, Chief Executive Officer of ChannelAdvisor. “ChannelAdvisor saw rapid growth in 2006 and we are excited to continue to focus on bringing the best products and services to help retailers sell more profitability online.”
The company also announced that Bill Brown has joined the company as Chief Financial Officer to manage all of the company’s financial activities.
Bill, a 25-year financial and accounting veteran has served as Chief Financial Officer at several Massachusetts-based Software-as-a-service (SaaS) on-demand companies, including Lightbridge, a Burlington, MA company Bill helped take public in 1996. Bill received a Bachelor of Science Degree in Business Administration from the School of Management at Boston University.