Leading Philly Startup RJMetrics Acquired, Company to Split
One of Philadelphia’s leading startups, RJMetrics, just got acquired by a Silicon Valley eCommerce platform, Magento Commerce. This is big news for the successful Philadelphia startup that told BizPhilly, just last year, that they weren’t actively considering an exit.
“At RJMetrics, we’re on a mission to help commerce businesses make smarter decisions using their data,” said Robert Moore, CEO of RJMetrics, in a statement. “The blending of our platforms will open up a world of possibilities for our customers to define the future of commerce analytics, and I’m proud to be combining forces to usher in the new era.”
Under the deal with Magento, about half of RJMetrics’ staff will work with Moore in Philadelphia under the new venture, Magento Analytics. Moore will serve as chairman of the board of directors. The other half of the company will work under a spinoff of RJMetrics’ Pipeline technology, which provides data infrastructure services for clients. The new startup, “Stitch,” will be led by RJMetrics cofounder Jake Stein and will also be based in Philadelphia.
While the exact terms of the deal were not disclosed on Monday, a statement from Magento says that the new setup “will allow non-technical business users to quickly and easily integrate with enterprise-grade data sets […] to consolidate and analyze data.”