Princeton-based Edison Partners has exited ItemMaster to Gladstone, a Chicago-based portfolio company of The Jordan Co. and Wicks Capital Partners, it announced Wednesday.
ItemMaster is a Chicago-based product content management and data technology provider for the consumer packaged goods and retail industry.
The transaction, Edison said, has generated a strong return rate with an IRR of 33 percent.
Since Edison’s initial growth investment in 2016, ItemMaster’s Software-as-a-Service revenue grew more than 500 percent, Edison said. There are currently more than 600 customers using ItemMaster’s content through its open exchange network.
“ItemMaster has developed a truly innovative product content platform and rich data set that retailers and brands consistently rely on to drive profitable and sustainable category growth across all distribution channels,” David Nevas, partner at Edison Partners said. “We’re excited for CEO Dev Ganesan and the ItemMaster management team, who have done a tremendous job in leading the company’s market expansion and delivering an outstanding return for all stakeholders.”
Nevas led the investment into ItemMaster, Edison said.
“Our goal was to make the manufacturer’s product information available and useful to any retailer, e-commerce partner or mobile application,” Dev Ganesan, CEO of ItemMaster, said. “We are thankful to Edison Partners for recognizing our expertise and passion for retail and data-driven product innovation, and we look forward to continuing to scale to meet the evolving needs of our clients.”
“This wouldn’t have happened without Edison’s thoughtful guidance and support. I am thankful to David and the entire Edison team for their hard work and dedication to our business,” ItemMaster, co-founder Andrew Parkinson, said.
Financial terms were not disclosed.
