Battery Ventures, a technology-focused investment firm, announced Thursday it has acquired 1WorldSync Holdings, a Ewing-based software-as-a-service network for brands to securely share critical product data.
1WorldSync Holdings was established as a joint venture between GS1 US and GS1 German GmbH. Prior to this deal, GS1 Germany purchased 1WorldSync GmbH from 1WorldSync Holdings. Terms of both deals were not disclosed.
“Since its inception, 1WorldSync has been a pioneer in the competitive product content marketplace by providing customers with solutions that grow cross-channel sales, drive efficient content syndication and enable compliance and product transparency,” 1WorldSync CEO Karin Borchert said. “We look forward to collaborating with Battery Ventures to build on those many successes and believe that this is an exciting time for the growth trajectory of the company.”
“We have been tracking 1WorldSync for many years and have been impressed with its trusted, longstanding reputation in the market,” Morad Elhafed, a Battery general partner, said. “We are excited by the future growth prospects of 1WorldSync’s platform and feel we can provide additional resources to help expand the network and develop new product capabilities, while pursuing complementary acquisitions.”
“We are confident that Battery Ventures is the right partner to help 1WorldSync more nimbly create solutions at the pace and speed that industry and consumers demand,” GS1 US CEO and President Bob Carpenter said. “Additionally, as a neutral, standards organization and unique identification company, GS1 US will be better positioned to solely focus on addressing the growing needs of our members and solution partner network to advance the adoption and use of GS1 Standards.”
“Customer and consumer expectations for rich content vary across Europe and the US,” GS1 Germany CEO Thomas Fell said. “This business separation allows us to further develop our market-specific knowledge and expertise and develop solutions that are specifically tailored to our growing markets.”
Needham & Co. acted as the financial advisor and Locke Lord acted as legal counsel to 1WorldSync. Cooley acted as legal counsel to Battery Ventures and DLA Piper acted as legal counsel to GS1 US and GS1 Germany GmbH.