General Atlantic picks up Summit Partners' stake in consumer analytics company Mi9 Retail
General Atlantic has made an investment in data provider Mi9 Retail. The deal provides an exit for Summit Partners, which backed the target in 2015.
Mi9, based in Miami, and founded in 2001, provides software that measures data, such as shopping behavior, inventory management and sales per product and helps retailers reduce costs. Some of the company's clients include Barneys New York, Christian Dior and Talbots.
Retailers have been under pressure to keep up with changing customer behavior, driving up a demand for data providers. Blackstone Group LP (NYSE: BX) and New Mountain Capital have invested $570 million in retail data provider JDA Software Group Inc.; The Carlyle Group LP (Nasdaq: CG) has acquired consumer data provider Claritas from Nielsen (NYSE: NLSN); and HGGC has been making add-on acquisitions to its platform company Survey Sampling, a brand tracker.
General Atlantic is a New York-based middle-market private equity firm. In 2017, the firm acquired a stake in fast casual restaurant chain Torchy's Tacos.