Jetshop merges operations with Storm Commerce

Jetshop, a Gothenburg, Sweden-based provider of on-demand customised, cloud-based e-commerce platform, announced getting into a merger agreement with its local competitor from Stockholm, Storm Commerce.

Financial details were not disclosed. The parties say that the new organisation will produce annual recurring revenues in excess of SEK 100 million ($12m), and a geographical presence in Stockholm, Gothenburg and Oslo.

The complementary offering includes B2C, B2B and D2C, and clear expansion plans beyond the domestic market are part of the shared journey ahead.

Jetshop and Storm Commerce will initially operate under existing company names on their journey towards a common brand.

Jetshop AB, founded in 2002 and led by CEO Fredrik Hedblom, develops cloud-based SAAS for the e-commerce companies. The company has 70 employees and offices in Stockholm, Oslo and Göteborg. Investors include Stella Capital, among others. Customers include Bergans of Norway, Coolstuff, 8848 Altitude, Lagerhaus, Scorett, Hööks, A Days March, Svenska Hem and Flattered. Shareholders include EOC Capital.

Storm Commerce, founded as Enferno in 2008 and led by CEO Niclas Heurlin, built a business by selling an advanced platform for digital commerce. Customers include Cervera, Royal Design, Adlibris, Blåkläder, Spendrups, Swedish Match, Rusta, Hylte Jakt & Lantman, Lets Deal, Kitchentime, Sportson, Colorama and Kinnarps. The company is owned by Verdane.