Netcore Cloud hit annual recurring revenue, a SaaS metric showing annualized revenue from product subscriptions, at $85 million. The Company Aims to Hit $150 Million in the Next 18 Months; the company will file for an IPO in July or August this year, group founder and chief executive Rajesh Jain told ET.
Netcore sells marketing automation software to e-commerce companies and D2C companies, a group of internet businesses where search quality is essential for buyers to close deals. Unbxd’s search optimization algorithms would help Netcore customers deliver better discovery on their platforms. “A lot of e-commerce companies other than the big ones like Amazon, search is a big gap, and that’s what unbxd has done very well. It solves a problem for customers. Second, there’s a big opportunity of cross-selling through this acquisition for both of us,” said Jain.
Unbxd is Netcore’s fourth acquisition in the past three years. The company had acquired Quinto-ai, an AI-based chatbot company that offers integrations with messaging apps like Facebook Messenger and more.
Previously, it purchased personalization technology company Boxx.ai and codeless product experience platform Hansel.ai.
Jain said the flurry of acquisitions also reflects the market reality of the need for consolidation, given the profusion of marketing technology companies in the market. “There are 8-10,000 martech companies in the world, so consolidation needs to happen. As martech becomes more and more critical, marketers need to work with fewer companies because integration costs would become very high across multiple products.
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Netcore employees own a quarter of the company’s stock, Jain said. The company now has more than 750 employees and plans to grow to 1,600 in the next two years.
