SaaS E-Commerce Platform Nearly Doubled 2019 Volume, Says IPO
The Vtex software-as-a-service digital commerce platform processed orders worth $7.5 billion in “gross merchandise value” (GMV) for its online customers in 2020, nearly double its 2019 volume, said the company in an F-1 registration filing Friday at the SEC for…
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an initial public offering of Class A common stock. The platform enables customers to deploy their e-commerce strategies, “including building online stores, integrating and managing orders across channels, and creating marketplaces to sell products from third-party vendors,” it said, claiming 2,000 customers in 32 countries, mostly “enterprise brands and retailers.” Brazilian company Vtex is “a leader in accelerating the digital commerce transformation in Latin America,” and is expanding globally, said the IPO. It drew 43% of its revenue last year from customers outside Brazil, up from 29% in 2019. The COVID-19 pandemic accelerated e-commerce adoption when consumers increased their online spending “due to extensive stay at home orders,” it said. Global e-commerce GMV was an estimated $4 trillion in 2020, and is expected to reach $6 trillion by 2024, based on an 11% compound annual growth rate, it said: “As we continue to expand our platform offerings as well as our global reach, we expect to capture more of this GMV. We believe that our market will expand as consumers continue to shift purchases to online channels and brands and retailers adapt to evolving consumer preferences.”