The Austin-based company plans to use the funds to expand its global market share and for research and development on its software products.
As part of the deal, Hillel Moerman, co-head of the Goldman Sachs Private Capital Investing group, plans to join the company’s board of directors.
“Revionics’ best-in-class product, customer base, and management team have positioned the company to be a global leader in merchandise optimization,” Moerman said in a news release. “We are pleased to contribute to Revionics’ product innovation and continued success.”
Revionics creates data-driven shopper analytics for retailers. It has more than 37,000 customers worldwide. The company reports its customers “typically see a 2 percent to 5 percent increase in gross margin, a 2 percent to 7 percent increase in sales and on average a $10 return on every dollar invested.”
“We selected Goldman Sachs as our new financial partner due to their distinguished track record funding fast growing pre-IPO companies. We are thrilled that they see the significant growth opportunity ahead of us,” Marc Hafner, Revionics CEO said in a news release. “Revionics is committed to innovate and provide greater value to our customers. Today we deliver an estimated $2B in additional profit annually to our retail customers. This investment will accelerate key R&D efforts as well as provide us with additional access to capital for future acquisitions.”
Revionics relocated its headquarters to Austin from California in 2013. The company has previously raised $18 million in three rounds from two investors, according to its Crunchbase profile.