Mi9 Retail makes first add-on deal since General Atlantic investment
Mi9 Retail, backed by General Atlantic, acquired rival JustEnough Software. General Atlantic invested in Mi9 in July 2017.
Irvine, California-based JustEnough, provides software technology to retailers that helps them with inventory planning based on market demands; finances and promotional management. The company also provides professional services such as customer service response. JustEnough has previously worked with brands such as Billabong, Dolce & Gabbana, LuckyVitamin and Sephora.
“As the retail environment continues to shift, retailers are continually looking for optimal ways to engage with customers and suppliers,” says Mi9 executive chairman Preston McKenzie.
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.
General Atlantic is a middle market private equity firm based out of New York. The firm, managing more than $21 billion in assets, seeks to make investments across the financial services, business services, Internet and technology, retail and consumer, and healthcare sectors. General Atlantic is currently investing in a number of retail companies, including: Grupo Axo, House of Anita Dongre, Tory Burch, and Zimmermann.
Retailers have been under pressure to keep up with changing customer behavior, driving up demand for data providers. Blackstone Group LP (NYSE: BX) and New Mountain Capitalhave 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.