Searchspring Announces Strategic Growth Investment from PSG
Investment enables Searchspring to pursue accelerated growth of its ecommerce site search, product merchandising, and personalization platform within the ecommerce space
SAN ANTONIO — September 27, 2022 — Searchspring, a global leader in site search, product merchandising, and ecommerce personalization, has secured a strategic growth investment from PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth. Financial terms of the deal were not disclosed.
Since its start in 2007, Searchspring has focused on enabling ecommerce merchants to drive the ultimate shopper experience. Purpose built for ecommerce, merchants use the Searchspring platform to facilitate better product discovery through semantic site search capabilities and flexible product merchandising, which includes business rules as well as AI-driven campaigns. The Searchspring personalization suite further helps to get the right product to the right shopper at the right time.
Not only does Searchspring help drive improved shopper experience, but its insights, data, and reporting give merchants a detailed look at shopper behavior and search performance unlike that of many other ecommerce platforms.
“Our growth and momentum these past few years speak to the value of our solutions as we support ecommerce merchants to drive the ultimate shopper experience,” said Peter Messana, CEO, Searchspring. “We are grateful for our employees, customers, and partners who make it possible for us to support the market so well. Not only does PSG recognize what we have accomplished, but they also share our vision for the future of ecommerce.”
PSG’s investment is expected to expand Searchspring’s strategic roadmap and accelerate product innovation to help customers continually improve their shoppers’ experiences. The investment also positions Searchspring for further go-to-market expansion in the U.S. and internationally.
“Searchspring has become a leader within the ecommerce industry based on their passion and drive for improving the shopper experience as well as their technology which enables merchants to increase conversion and cart size,” said Chris Andrews, Principal at PSG. “This strategic growth investment represents our desire to accelerate the growth of Searchspring and our shared vision of the opportunity in the ecommerce space.”
Scaleworks of San Antonio, an existing Searchspring investor, will remain an investment partner. Canaccord Genuity served as financial advisor to Searchspring. Weil, Gotshal & Manges LLP served as legal advisor to PSG.
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About Searchspring
Searchspring aims to deliver the ultimate shopping experience. As a global provider of search, merchandising, and personalization software built exclusively for ecommerce, Searchspring helps enable brands to get the right product, to the right person, at the right time. With Searchspring, customers such as Chubbies, Pura Vida, Moen, Fabletics, Peet’s Coffee, SKIMS, West Elm, Specialized, Wildfang, and Ripcurl are increasing cart size, conversion, and repeat customers. Founded in 2007, Searchspring has offices in San Antonio, Denver, Colorado Springs, Portland, Toronto, Krakow, and Sydney.Â
About PSG
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 110 companies and facilitated over 400 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.
Media Contacts
Jason Ferrara, Chief Marketing Officer, Searchspring
jason.ferrara@searchspring.com
Jackie Schofield, PSG
jschofield@prosek.com
