CommerceHub is officially under new ownership via two private equity firms, GTCR and Sycamore Partners.

Affiliates of the two private equity firms acquired the platform for $1.1 billion, or $22.75 a share in cash.

The technology platform is a commerce network that connects retailers and brands with supply, demand and delivery chains that help the companies increase sales. According to CommerceHub, its platform helped over 11,500 retailers, brands and distributors manage their inventory and achieve about $16 billion in gross merchandise value in 2017. The platform helps retailers compete against Amazon through drop shipping by having distributors ship directly to consumers who place orders on a retailer’s site, without the retailer having to invest in building its own warehouses and distribution centers.

Frank Poore, founder, president and chief executive officer, will continue with the company in the same roles. “GTCR and Sycamore Partners each bring deep industry expertise to help us to execute our vision for the future of retail. Together, we look forward to accelerating the development of CommerceHub’s platform to transform how retailers and brands drive growth through e-commerce.”

CommerceHub was spun off from Liberty Interactive Corp. and became a public company in 2016. Its Series A and Series C common stock are no longer listed for trading on the Nasdaq exchange. Further, its Series B common stock is no longer quoted on the OTC Markets. For 2017, the company posted $9.9 million in net income, and had $111.1 million in annual revenues.

Mark Anderson, managing director of GTCR, said, “CommerceHub benefits from a highly strategic position in e-commerce due to its differentiated platform that enables retailers’ most critical growth strategies.”

Stefan Kaluzny, managing director of Sycamore Partners, said, “We look forward to working with Frank and CommerceHub’s talented team as we leverage the company’s leading platform to drive continued growth.”

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