Co-op Database NextAction to be Acquired by VC Firm
All About ROI has learned that NextAction, a Westminster, Colo.-based co-op database, last week signed an agreement with a majority investor, General Catalyst (GC) to take over the co-op database. GC is a venture capital and private equity firm with nearly $2 billion under management.
NextAction’s largest current investor, Sequel Ventures, will maintain its investment, and a number of the firm’s smaller investors will be bought out, as part of the deal, according to memo distributed on Sept. 8 by NextAction CEO Eric Roza.
Below are excerpts from Roza’s memo:
“The new funding will fuel NextAction’s growth initiatives, and will allow us to continue to lead the industry in innovation. Specifically, we will apply the investment to accelerate our efforts in the areas of data acquisition, analytics, and cross-channel delivery platforms, to continue to increase the value we provide to our clients and partners.
"General Catalyst shares our belief that multichannel retailers will continue to thrive in the years ahead, and that today’s challenges, however painful, will ultimately lead to a stronger and more stable industry. With a committed team, an ambitious vision, and great new investors behind us, NextAction is well-positioned to support you through the continued evolution and integration of promotion and sales channels in the retail industry.
"GC plans to make NextAction a cornerstone of [its] data strategy, and we plan to pursue both organic and inorganic growth opportunities in a number of new areas. At the same time, this will in no way alter our existing models and business relationships."
