Bloomreach, a company specializing in APIs for eCommerce businesses focusing on search and website development, today announced a $150 million investment received from Sixth Street Growth. This latest round of funding establishes the company’s valuation at $900 million.

Concurrently, Bloomreach revealed the acquisition of Exponea, a company that adds marketing automation capabilities to Bloomreach’s existing offerings. While the financial details of the acquisition were not disclosed, Bloomreach will integrate 200 new employees, a substantial increase considering its prior workforce of 300. The acquisition also brings with it 250 additional customers, expanding Bloomreach’s total customer base to 750.

“Our business has traditionally centered around two key areas – search functionality and content management,” explained Bloomreach CEO and co-Founder Raj De Datta in an interview with TechCrunch. The content management system enables customers to create websites, while the search technology powers site search, navigation features, and merchandising tools. He emphasized that these components are unified by a core data analytics engine that connects customer data with relevant products.

The addition of Exponea will provide a more comprehensive suite of services, empowering marketers to deliver targeted and personalized messaging across various communication channels. De Datta noted the alignment between the two companies’ objectives and product strategies. “We share a similar vision and product roadmap. […] Both companies are focused on data-driven optimization technologies[…] and both maintain an entrepreneurial, product-centric approach,” he stated.

The companies had already been collaborating for six months prior to the completed acquisition. Founded in 2016 in Slovakia, Exponea had previously secured over $57 million in funding, as reported by Pitchbook. The current plan is to maintain Exponea as a separate product while working to integrate it more effectively with the existing Bloomreach platform over the next year.

Although De Datta refrained from sharing specific revenue numbers, he indicated that the company experienced a particularly strong second half of the year, driven by the increased shift to online shopping during the pandemic. Michael McGinn, a partner at Sixth Street and co-head of Sixth Street Growth, anticipates continued demand for eCommerce solutions, even after the pandemic subsides, which will necessitate more personalized online shopping experiences.

“The market for technology that delivers individualized customer experiences is growing rapidly, and we are excited to support Bloomreach in its leadership position within the digital commerce experience and marketing landscape,” McGinn commented in a press release.

De Datta clarified that the investment funds were partially allocated to the purchase of Exponea, with the remaining capital intended for further investment in engineering and continued product development. The company’s long-term objective is to pursue an Initial Public Offering (IPO), though he did not specify a definitive timeframe.

“While we don’t have a set timeline, our focus throughout 2021 will be on making investments that position us for an IPO as a viable option,” he said.