Private equity firm Summit Partners is investing in retail software company Mi9 Retail.
The target, based in Miami, Florida, 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 its clients include Barneys New York, Century 21 and Talbots.
Mi9 will use the Summit’s investment for growth and to fund the recently announced acquisition of retail software distributor Raymark Xpert Business Systems Inc. In 2014, Mi9 was purchased by Respida Capital, an investment firm that was formed by a team of seasoned tech operators for the purpose of investing in Mi9. Respida is keeping a stake in Mi9.
“We’re confident that our partnership with Summit will enable Mi9 to accelerate our growth while continuing to ensure that our products and our service levels outpace the competition,” says Mi9 CEO James Zubok.
Summit’s investment in Mi9 comes as several retailers are facing hard times. American Apparel (NYSE: APP) recently filed for bankruptcy and Sears Holdings Corp. (NYSE: SRH) is restructuring.
For more on the retail enviroment, see American Apparel's Bankrutpcy Underscores Challenges for Retailers.