8 August 2006 — Fort Worth (TX): eCommerce Industries (ECI²) has been taken over by private equity firm, Insight Venture Partners.
The investment of majority ownership by New York– based Insight occurred simultaneously with ECI²’s acquisition of Britannia at the end of last month, reinforcing plans revealed earlier in the year by ECI² to pursue an aggressive acquisition strategy.
"Insight Venture Partners has a proven track record of helping software and technology companies build on their success," said ECI² CEO Dan Pritchard. "We look forward to taking advantage of Insight’s software industry expertise and financial strength to fully execute on our next phase of growth and consolidation. The investment endorses the management’s vision and will strengthen our ability to meet the expectations of customers, partners and employees."
Deven Parekh, managing director of Insight Venture Partners, said: "ECI²’s outstanding management team and solid strategy will enable the company to expand into new verticals via organic growth and by acquiring quality vertical market companies with deep domain expertise."
ECI² also announced the name of its new web storefront/ internet service application, ecInteractive, which will be available to both Britannia and ECI² customers.