Sitecore Announces $1.2B Investment to Accelerate Growth
The last year has seen a number of jaw-dropping moves by CMS and DXP vendors, from strategic acquisitions to major expansions. Yesterday, Sitecore elevated the noise to a whole new level with the largest martech investment deal ever.
The digital experience platform provider announced that it received backing on $1.2 billion in capital investment – just five months after Steve Tzikakis took the reins as CEO.
While the announcement was relatively soft on specifics, Sitecore did say that the investment would be focused on accelerating product innovation, doubling their go-to-market presence, expanding their team, growing their global footprint, and launching a brand campaign.
One thing we do know is that Sitecore appears to be well-positioned for growth, achieving record revenues over the last three quarters. Much of this can be attributed to accelerated demand for digital transformation due to the pandemic. According to McKinsey, the industry jumped years ahead in consumer and business adoption of digital in just a matter of weeks. This has created numerous opportunities in the eCommerce, web, mobile, and digital experience categories.
“An investment of this magnitude in our industry is unprecedented,” said Steve Tzikakis, Sitecore's CEO. “As companies and consumers search for more seamless ways to communicate, coordinate, and collaborate during this momentous period, Sitecore’s investment will supercharge product innovation in order to better enable deeper and more engaging experiences across the entire customer journey.”
There's no question that Covid-19 forced businesses to shift their focus to digital. Sitecore has already been very agile in responding to these unprecedented market shifts, investing heavily in the transformation of their products and services. Less than 6 months ago, Sitecore pushed a major release to its flagship products – Sitecore Experience Platform (XP) 10 and Sitecore Experience Commerce (XC) 10 – with the main goal of bringing marketing and IT teams together and allowing them to work more efficiently.
“Global Markets today are undergoing monumental shifts, and the need for digital experiences that fabricate and define Human Connections are becoming more important,” said Tzikakis, when he joined Sitecore. “Our customers and partners can expect to see us accelerate our global expansion plans and innovation of more market-leading cloud and SaaS solutions, while further increasing our customer-centric DNA.”
With Tzikakis at the helm, Sitecore has focused its strategy on expanding global reach and elevating brand awareness. This $1.2 billion investment is a testament to their growing momentum, as well as their confidence around market demand for their products and services. With increasing competition up and down the stack, this news is a clear signal that we can expect more innovation from the DXP leader in the months and years to come.
About Sitecore
Sitecore delivers a digital experience platform (DXP) that empowers the world’s smartest brands to build lifelong relationships with their customers. A highly decorated industry leader, Sitecore is the only company bringing together content, commerce, and data into one connected platform that delivers millions of digital experiences every day. Leading companies including American Express, ASOS, Carnival Cruise Lines, Kimberly-Clark, L’Oréal, and Volvo Cars rely on Sitecore to provide more engaging, personalized experiences for their customers. Learn more at Sitecore.com.