Rearden Commerce Announces $133 Million In New Funding From American Express, Citi And JPMorgan ChaseIntroduces next-generation merchant offer capabilities with a disruptive combination of large-scale distribution, big data and advanced personalization technology
Rearden Commerce, creator of the Deem™ ecommerce platform, today announced that it has secured $133 million in new funding from current investors American Express and JPMorgan Chase, as well as from new investor Citi. The new financing will be used for various high-growth initiatives, including acquisitions, working capital and debt repayment.
The expansion of the Deem platform will be fueled in part by Rearden Commerce’s acquisition of HomeRun.com, creator of the HomeRun® social buying service and its group commerce platform, OfferEngine™, which Rearden Commerce also announced today.
“Our focus is on building customer loyalty, and the Deem platform has helped us make considerable progress in rewarding our customers,” said Eileen Serra, president, Chase Card Services. “We look forward to continuing to innovate with Rearden Commerce.”
Over the past 12 months, Rearden Commerce has grown at a significant rate: more than tripling its distribution channel penetration giving it access to more than 60 million consumers, and quadrupling its merchant network to over 1.2 million. Ecosystem partners include market leaders in business travel, small business solutions, as well as consumer loyalty and merchant services, who can leverage the Deem platform, big data and their scale to transform the interaction between their customers and merchants.
“We’re excited to continue partnering with Rearden Commerce to deliver the most personalized, localized and contextual offers to our SERVE customers and partners,” said Dan Schulman, Group President, Enterprise Growth, American Express. “With our next-generation digital payments platform and Rearden Commerce’s innovative Merchant and Consumer Apps, we look forward to working together to transform personal and micro business commerce.”
In the next several months, Rearden Commerce intends to launch next-generation Merchant Offer Apps for both consumers and merchants, as the company continues to expand beyond its initial beachhead in Business Travel, launched in 2005. Rearden Commerce has since added smart apps in Mobile in 2007; Consumer Loyalty in 2009 and Small Business applications in Expense and Purchasing in 2008 and 2010, respectively. All of these apps are designed to leverage the Deem platform and be interoperable.
“Citi’s goal is to be the world’s digital bank, and as part of this, we are committed to enhancing the client experience,” said Jud Linville, CEO of Citi Cards. “Our collaboration and investment in Rearden Commerce will enable us to deliver more relevant and rewarding opportunities.”
“We are energized by the unique capabilities that each of our partners brings to the Deem ecosystem,” said Patrick Grady, Founder and CEO, Rearden Commerce. “This is a group of some of the world’s most successful leaders in commerce for consumers and merchants alike, and we believe that the combination of their assets and the Deem platform are indeed transformational.”