A female-founded startup in Cary has been acquired by an Atlanta technology firm.
SmartCommerce, which provides software products for the consumer packaged goods industry, announced this week that it has acquired Myxx, a recipe-centric e-commerce software firm that looks to simplify shopping.
The deal, the CEOs of both companies said, means more products – more ways brands can interact with consumers online.
SmartCommerce CEO Jennifer Silverberg said the companies had been aware of each other for some time through industry tradeshows. Conversations about a potential partnership began through a personal connection with an employee. Silverberg said her connection with Myxx CEO Dede Houston was “instantaneous.”
“We understood the industry in the same way,” Silverberg said, adding that “it became evident really quickly that it made more sense to not just partner on a product level or a client level, but to really integrate our two systems to be able to drive more for the clients of both companies.”
Houston called the deal a “no-brainer.”
While she’s careful not to say Myxx was for sale, it was looking for opportunities to expand its offerings when SmartCommerce came calling.
“We were always looking for solutions and partnerships that would take us to the next level,” she said.
With SmartCommerce, which has 110 employees, Myxx can grow its scope. SmartCommerce invited all 10 of Myxx’s direct employees to join the firm and most accepted, Silverberg said.
The next step? To execute.
SmartCommerce helps brands connect with consumers through digital touchpoints. It works with brands such as Nestle and Unilever to ensure customers can, with a single click on a brand’s website or social media post, buy a product directly. And the model has worked, as Silverberg says customers have used its technology to put $3 billion worth of products in shopping carts. But the “bridge” Myxx offers can expand those connections.
Myxx used recipes as a starting point. While SmartCommerce alone could put a can of green beans in a cart, the Myxx technology gives it context, Silverberg says. It offers a tool where shoppers can take an entire recipe and shop for all of those ingredients at once – even making substitutions easily, she said.
Houston's cofounder Monica Wood, who is no longer with the company, lauded the deal via Linkedin post, calling Myxx “an amazing journey with a lot of support from friends, family and community (investors, former founders, colleagues) along the way.”
“I am forever grateful for the support of everyone, the chance to have founded Myxx, and I am thrilled the company has found an organization to continue the mission,” she writes. “SmartCommerce is very lucky to have a tremendous team and technology moving forward.”
Transaction terms were not released, but David Gardner, CEO of Myxx backer Cofounders Capital, called the deal "just a base hit" for investors. He said he was glad that the team — including Houston — had a "path forward."
Houston said all employees did have equity in Myxx.
Myxx, securities filings show, raised one round of venture capital, $400,00 in 2015. The firm’s backers included Cofounders Capital and Charlotte Angel Fund.
SmartCommerce has already begun integrating Myxx’s technologies and analytics and is planning to roll out enhanced services to clients in the fourth quarter, according to a press release.