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Advent-led funding lifts Assembly's valuation to over US$ 1 billion

E-commerce software and data platform Assembly said on Tuesday its valuation had crossed US$1 billion following a funding round led by U.S. private equity firm Advent International.

The company did not specify the amount raised in the funding round, which also included investment from growth equity firm PSG, and said it would use the money for growth and software development.

Assembly, which counts cosmetics group L'Oreal and Unilever among its customers, helps e-commerce merchants scale their business.

"What aggregators have done for brands, we have been doing for software," co-founder and Chief Executive Officer Sandeep Kella said in a statement.

Advent, which has made over 380 investments in 42 countries since establishing its private equity strategy in 1989, on Monday said it would buy a controlling stake.

A string of Advent's portfolio companies such as hair-care products maker Olaplex, payments firm Xplor Technologies and food company Sovos Brands are looking to go public.

(Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M.)

Source: Reuters

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