Minneapolis, Jan. 14, 2015 — Insite Software, a leading provider of B2B commerce platforms and data-driven solutions for manufacturers and distributors, today announced a new round of growth capital funding of $15 million from Volition Capital, a Boston-based growth equity firm that principally invests in high-potential, founder-owned companies across different technology sectors.
Roger Hurwitz, managing partner of Volition Capital will join Insite’s Board of Directors.
According to research and advisory firm Frost & Sullivan, B2B online sales are expected to reach $6.7 trillion in 2020, accounting for 27 percent of the total whole and manufacturing trade by 2020.
Insite Software has grown significantly over the past 12 months, nearly doubling employment and significantly expanding its customer roster of leading manufacturers and distributors. The new round of funding will be used to continue the momentum of its growth with strategic investments in its products, data-driven applications, and services to meet the needs of its expanding customer base.
“Insite Software has experienced a solid year of growth as leading manufacturers and distributors look to our expertise on implementing commerce innovation to meet the needs of today’s B2B digital buyer,” said Tony Abena, chief executive officer, Insite Software. “We welcome Volition Capital to the Insite Software board and their team’s resources and expertise to help take Insite to the next level.”
“B2B eCommerce is a rapidly growing market and Insite Software is well-positioned to capture market share with its vertical-specific B2B platform for manufacturers and distributors,” said Hurwitz. “We look forward to working closely with Insite Software to help expand the company’s market, channel and customer footprints.”
Built from an exclusive focus on manufacturing and distribution business-to-business and direct-to-consumer workflows and rules management, Insite Software’s platform delivers a superior connected customer experience on the Web through desktop, tablet, or any mobile device, and across physical and digital channels. The fully responsive-designed solution allows for complex customer-specific inventory, pricing, promotions, quoting, configuration and budget management. It also supports a strong time-to-value deployment, and has pre-built integrations with leading ERP and CRM systems.
