Rearden Commerce is on a Roll – Announces $133 Million in New Funding

Rearden Commerce has been quite the topic of daily dealings lately. The creators of the Deem e-commerce platform, announced that it has secured $133 million in new funding from existing investors American Express and JP Morgan 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.

It’s rumored that some of the new funding was used in the purchase of HomeRun.com. However, recent documents filed with the Security Exchange Commission (SEC) show that “shares were issued in conjunction with the acquisition of a company via merger for an aggregate amount of $87,040,379.” There was no mention in the SEC doc of an exchange of cash for the merger.

“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.

“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 Applications for both consumers and merchants, as the company continues to expand 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 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.”

About Rearden Commerce:

Rearden Commerce, creator of Deem™, is transforming commerce on behalf of buyers and sellers. Through a suite of interoperable smart applications, the Deem platform is designed to leverage big data, analytics and semantics technology to optimize the exchange of goods, services, and information with personalization and repeat value to drive customer loyalty. The Deem platform’s smart commerce solutions seek to optimize daily business functions, including travel, procurement and expense management, and are distributed globally by more than 40 strategic partners including American Express and JP Morgan Chase – connecting millions of consumers and over 7,500 business customers across every market segment to more than 1.2 million merchants. Rearden Commerce is headquartered in Foster City, California.

Source: Business Wire