Myplanet Secures Funding to Expand Its Position as North America’s Largest Composable Commerce Consultancy
Myplanet, the leading composable commerce specialist, announced it has received $11 million in funding from Tercera, a growth-focused investment firm specializing in cloud professional services. With this investment, Myplanet will extend its position in this rapidly growing space by deepening its MACH Alliance partnerships, delivering new innovative pre-packaged accelerators that democratize access to composable commerce, and doubling the size of its global talent base.
For more than a decade, Myplanet has been working with some of the world’s most influential organizations on their digital experiences, leading over 100 commerce projects for companies like New Balance, UNTUCKit and Google. With nearly 200 experts, Myplanet is the largest composable commerce specialist in North America and a top-tier partner of MACH leaders like commercetools, Elastic Path, Contentful, Contentstack, Fluent and NewStore.
“We’re at an inflection point in commerce. It used to be a shopping cart and a buy button; now it’s experiences, subscriptions, consumption and connected devices,” said Jason Cottrell, CEO and founder of Myplanet. “Composable commerce allows retailers to tap into this future and increase speed, reduce spend and build interconnectedness. With this infusion of capital from Tercera, a firm that deeply understands the space, we can accelerate that shift and become the place to go for composable commerce.”
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“Myplanet is a clear leader in API-first commerce,” said Kelly Goetsch, Chief Strategy Officer at commercetools. “There’s a reason our work together has won awards. This team is the complete package and any retailer looking to make the shift will be wise to look at Myplanet. This investment is going to further supercharge their team, and in turn the entire MACH Alliance ecosystem.”
Today’s retailers are dealing with a real “multi-problem” – how to provide a seamless customer experience across multiple channels, brands, geographies, languages, currencies, and business models – and the monolithic commerce solutions of the past can’t keep pace. APIs and composable commerce solutions help retailers address this multi-problem. By 2023, Gartner predicts that half of new commerce capabilities will be delivered as API-centric services.
“What cloud did for computing, composable is doing for commerce,” said Bill Petty, Partner at Tercera. “Myplanet’s rich history in building digital experiences gave it an inside view into how the space has been evolving and what customers need. We’re excited to partner with Jason and his diverse and incredibly talented team to build Myplanet into a global leader and the go-to MACH services partner.”
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Bill Petty, along with Tercera partner Michelle Swan, will join Myplanet’s Board of Directors.
Tercera’s investment will also be used to advance Myplanet’s portfolio of composable commerce accelerators, which provide more than 35 pre-packaged integrations to different MACH solutions. Nearly 80% of Myplanet’s current customers are using its Composable.comTM Accelerators to move faster into this new architecture, with less risk. The company plans to release additional accelerators for mobile and retail data in the next 12 months.
Luxury menswear retailer Harry Rosen entrusted Myplanet to lead their ambitious digital transformation. The use of MACH technologies to build a composable commerce solution helped the program recently win a prestigious MACH Award for Best Retail Project.
“Creating high-end experiences for our customers is the gold standard for Harry Rosen and working side-by-side with Myplanet made this program a resounding success,” said Ian Rosen, President & COO of Harry Rosen. “Myplanet’s mix of strategic insights, technical expertise and a willingness to roll up their sleeves, has created a platform that truly sets us apart.”
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