Revenue at e-commerce services vendor CommerceHub, a subsidiary of Liberty Interactive Corp., grew 33.1% in 2015 to $87.6 million from $65.8 million in 2014. CommerceHub disclosed revenue and other financial information in documents filed last week with the U.S. Securities and Exchange Commission as it prepares to spin off as a separate, public company.
No date was given for the spinoff, but the company previously has said the separation is expected in the first half of the year. Francis “Frank” Poore will remain as CEO and president. His salary in 2015 was $369,048, according to the filing with the SEC.
CommerceHub, founded in 1997 and acquired by Liberty in 2010, also reported for 2015:
- Sales and marketing expenses increased 82.8% to $11.7 million from $6.4 million in the year-ago period.
- Research and development costs increased 63.0% to $16.3 million from $10.0 million.
- General and administrative costs increased 48.5% to $44.1 million from $29.7 million.
- Net loss of $4.5 million compared with a $4.3 million profit.
The spinoff of CommerceHub, announced in the fall, also will make separate entities of Liberty’s stake in BodyBuilding.com and travel site Expedia Inc. Liberty Interactive Corp. has two divisions: QVC Group, which consists of retailers QVC and zulily, and a portion of HSN Inc., and its Digital Commerce unit Liberty Ventures Group, which includes e-retailers Bodybuilding.com, Evite and Right Start as well as e-commerce technology provider CommerceHub.
CommerceHub sells a cloud-based e-commerce fulfillment and marketing software platform for large retailers, online marketplaces and digital marketing channels as well as consumer brands, manufacturers and distributors. Retailers can list, categorize and activate products for sale on marketplaces operated by Amazon.com Inc., eBay Inc. and Google Shopping, and they can update inventory and price data by web interface or direct file integration.
In December 2014, CommerceHub announced plans to buy Mercent Corp., which helped merchants sell on digital marketplaces. The deal closed in January 2015.
CommerceHub is listed as the fulfillment vendor for 12 retailers in the Internet Retailer Top 1000, including Barnes and Noble, No. 47 in the Internet Retailer 2015 Top 500 Guide, Costco Wholesale Corp. (No. 11) and Kohl’s Corp. (No. 22), according to Top500Guide.com.
The company expects to list its Series A common stock and Series C common stock on the Nasdaq stock market, and its Series B common stock is expected to be quoted on the over-the-counter markets.Favorite