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Goldman Sachs invests US$60m in retail management firm

Goldman Sachs Merchant Banking Division (MBD) has invested US$60 million in retail management solution provider CitiXsys, bringing the total amount that CitiXsys has raised to date to US$105 million.

CitiXsys provides integrated omnichannel solutions for the retail and hospitality industries and its software platform iVend Retail is used in over 95 countries. CitiXsys solutions aims to help retailers compete in any sales channel and offer the personalised, consistent experiences customers have come to expect. This is done via promotions, in-store and mobile point-of-sale transactions, customer relationships, accounting processes, eCommerce, inventory and fulfillment, loyalty programs, product and pricing management, and analytics.

Among its list of clients include Samsonite, Vodafone, MTN Telecom, Virgin Mobile, The Body Shop, Asics, Kazyon, The Vitamin Shoppe, Goodwill Industries and Havaianas. Marketing has reached out to CitiXsys for additional information.

Meanwhile, CitiXsys has also developed alliances with Sage, SAP, Microsoft, and Magento, among others as part of its overall platform strategy. The partnerships offer certified connections via Open APIs to enterprise resource planning and other third-party customer-facing solutions so retailers have the right tools to respond quickly to rapidly changing market dynamics.

Terence Doherty, managing director at Goldman Sachs MBD said: “We are excited to invest in CitiXsys and to be a part of the company’s continued growth. Its innovation adds value for retailers around the world with a best-in-class solution.”

Kamal Karmakar, CEO of CitiXsys, said the next milestone for the company is to offer complete infrastructure and application management to all retailers worldwide, so they can join the next phase of digital transformation in retail.

“I am delighted to work with Goldman Sachs MBD in this next chapter of growth and expansion of the business, including as we look for strategic acquisition targets that complement our existing offer,” he added.

(Photo courtesy: 123RF)

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