StoreForce, a solution provider of various tools designed for managing specialty retail stores, said Wednesday it has received a significant capital investment from Accel-KKR, which is a global tech-focused private equity firm.
Terms of the investment were not disclosed, but StoreForce said the infusion of funds will “further expand its presence in global markets including North America, Europe, Australia, South Africa and Asia through organic growth and strategic M&A opportunities.”
Phil Cunningham, managing director at Accel-KKR, said in a statement that StoreForce “presents an excellent investment opportunity with its potential for product-led growth, complemented by a sound M&A strategy — and we look forward to leveraging our resources and network to help the company grow.”
Dave Loat, StoreForce’s chief executive officer and cofounder, said by delivering up to 15 percent in sales lift within weeks of engagement, “StoreForce has been able to partner with the best specialty retailers in the world and achieve rapid global organic growth. Accel-KKR brings both the capability to make strategic investments and a proven track record of ‘know-how’ to accelerate the next leg of our journey.”
Loat said as the company continues to prioritize its customers’ success, “StoreForce is well-positioned to deliver continued innovations for our clients around the world.”
StoreForce’s suite of solutions are aimed at helping retailers simplify their store operations while also engaging store associates and managers, thereby creating a better shopping experience for customers — and driving conversions. Users of the tool include Asics, Crate & Barrel, Lids, Lacoste, Tory Burch, The Body Shop and Timberland, among others.
“StoreForce serves top specialty retailers in 60 countries with support in over 20 languages,” the company said, adding that it was recently named the “Best Quick Impact Technology Solution” by Vendors in Partnership.
Nishant Patel, principal at Accel-KKR, said in the “current dynamic market in retail such as the continual convergence of digital and brick-and-mortar channels, a changing workforce and the constant need to optimize store performance, one thing remains unchanged: delivering superior customer experience.”
Patel said StoreForce’s solutions “deliver proven ROI by helping specialty retailers gain a competitive edge and drive rapid sales growth.”