VentureSouth is pleased to announce that Ecomdash, one of its portfolio companies, has been acquired.
Ecomdash, based in Charlotte, provides software to help retailers successfully manage their inventory across multiple channels. The company announced yesterday that it had reached an acquisition agreement with Endurance International Group Holdings, Inc., a platform of brands, including Constant Contact, that give small business owners the tools they need to establish and build their web presence. Endurance is listed on the NASDAQ (EIGI).
VentureSouth first invested in Ecomdash 12 months ago. This is VentureSouth’s second successful exit in 2019, and fifth in the last 18 months. The $9.6 million Ecomdash asset purchase generated returns for VentureSouth investors in line with the group’s target 50% rate of return hurdle.
Earlier this year, VentureSouth portfolio company Cirtemo was acquired by Thor Labs, making Ecomdash the second successful exit for VentureSouth and its VentureSouth Angel Fund II, the co-investment fund raised by VentureSouth last year.
VentureSouth Managing Director Charlie Banks commented: “Nick Maglosky and the Ecomdash team have worked extremely hard since VentureSouth’s investment to build the company and identify the right strategic acquirer for its next phase of rapid growth. We are delighted that Ecomdash has agreed on an “early exit” for our members, and we wish Nick and his team every success in the future.”
The transaction is expected to close on or before October 1.