StoreForce Raises Capital from Software Investor Accel-KKR as Part of Global Market Expansion Plans
March 22, 2023
Menlo Park, CA and Toronto, ON – March 22, 2023 — StoreForce, a provider of innovative tools for managing specialty retail stores, has announced a significant capital investment from Accel-KKR, a global tech-focused private equity firm. With this investment, StoreForce plans to further expand its presence in global markets including North America, Europe, Australia, South Africa and Asia through organic growth and strategic M&A opportunities.
“StoreForce presents an excellent investment opportunity with its potential for product-led growth, complemented by a sound M&A strategy – and we look forward to leveraging our resources and network to help the company grow,” says Phil Cunningham, Managing Director at Accel-KKR.
StoreForce offers a comprehensive suite of data-driven tools that help specialty retailers simplify store operations, engage employees, and drive more sales. Founded by retailers for retailers, StoreForce includes Workforce Management, Performance Management, Retail Execution, Employee Engagement, or combined together under a Retail All-in-One Operations platform. With customers such as Asics, Crate & Barrel, Lids, Lacoste, Tory Burch, The Body Shop and Timberland, StoreForce serves top specialty retailers in 60 countries with support in over twenty languages. StoreForce was recently named the “Best Quick Impact Technology Solution” award by Vendors in Partnership, an industry-led program for solutions that power the retail ecosystem.
“By delivering up to 15% in sales lift within weeks of engagement, StoreForce has been able to partner with the best specialty retailers in the world and achieve rapid global organic growth. Accel-KKR brings both the capability to make strategic investments and a proven track record of ‘know-how’ to accelerate the next leg of our journey. As we continue to prioritize our customers’ success, StoreForce is well-positioned to deliver continued innovations for our clients around the world,” says StoreForce CEO and Co-Founder Dave Loat.
“In the current dynamic market in retail such as the continual convergence of digital and brick-and mortar channels, a changing workforce and the constant need to optimize store performance, one thing remains unchanged: delivering superior customer experience. StoreForce’s offerings deliver proven ROI by helping specialty retailers gain a competitive edge and drive rapid sales growth,” adds Nishant Patel, Principal at Accel-KKR. “We are excited to help the company expand and reach more retailers with their solutions.”
StoreForce has been helping Specialty Retailers around the world exceed sales performance goals and deliver exceptional customer experiences since 2010. StoreForce is a sales performance platform, underpinned by a Specialty Retail workforce management system. It is called “wfm+”, where the “+” represents a focus on positive sales growth and consistent delivery of the brand in your brick and mortar stores. This approach is entirely unique to StoreForce, and it is why the “+” also represents a foundational shift from the way traditional wfms approach labor planning in Specialty Retail.
At StoreForce, we consider ourselves Retailers first, and technology vendors second. We are extremely passionate about retail and helping our clients thrive. Customer service and engagement is at the forefront of everything we do. We have the luxury of designing a platform-specific to the needs of the Specialty Retail market, working with our clients to continually enhance our solutions, and not compromising on functionality to serve multiple verticals. For more information, visit: www.storeforcesolutions.com
Accel-KKR is a technology-focused investment firm with $18 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs and going-private transactions Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London and Mexico City. Visit accel-kkr.com to learn more.