Detail Online from Stockholm that has almost 100 employees was recently purchased for around € 10 million by inRiver. The purchase is a central part of inRiver’s growth strategy.
“We have met in the market and have worked as partners for two years. Their technology is a natural extension on top of ours, so we fit very well together. When we updated our strategy last year and looked at key areas for the future, it became clear that a partnership was not strong enough. As a single company, with a combined and integrated product, we can add a much greater value to our customers”, – Thomas Zanzinger, inRiver’s CEO, says to Rapidus.
InRiver develops and sells systems that help customers with product marketing by keeping track of, automatically updating, and distributing product information. Images, texts and videos can, for example, be standardized according to the format of different marketplaces and digital channels.
Detail Online in turn analyses the information presented on various sites, checks if the brand owner’s materials are used correctly and what information needs to be supplemented to improve the conversion.
“Microsoft is, for example, one of Retail Merchandising Online’s customers. The system ensures that the correct images and descriptions are used. Most often it is the brand owner who is their customer, but it can also be the site owners who want better conversion and compare their prices with competitors”, says Thomas Zanzinger.
In 2019, Detail Online had sales of €3.7 million and a loss of around € 400.000. The majority of the nearly 100 employees are in the development department in the Philippines. The company will now become a business area within inRiver and CEO Joakim Gavelin will remain in the business, as will CTO Peter Clerborn.
“Their large presence in the Philippines means that we have a presence in three time zones and a shortcut to the Asian market”, says Thomas Zanzinger.
In November, inRiver raised €28 million for its international expansion. Since then, the company has grown by 16 employees and another 23 are on the way in, according to the CEO. Most are employed at the company’s Malmö office. He also does not rule out more acquisitions.
“As we all noted, digitalisation accelerated in 2020. We will add more functionality to our service to support our customers’ ability to be successful in this ongoing change. The pandemic strengthens our business and we ended 2020 in a fantastic way, but at the same time we feel that the market has become more cautious with its investments”, he says.