Premium Price For Boxever Martech
It would be stretching credibility to describe IT innovator Boxever as a runaway success prior to its takeover by US multinational Sitecore in March 2021. But what the company lacked in profitability, it made up for in technical acumen.
Despite accumulated losses of €27m, including €1.6m in 2020, Boxever was valued by Sitecore at c.€125m, according to reports. The enterprise was founded in 2011 by Dave O’Flanagan, Alan Giles and Dermot O’Connor, and specialises in providing user analytics data management, personalisation decisions and ‘experiences’ that enable platform users to suggest additional deals or offers. Headcount was 59 people in 2020.
The three founders had previously worked for Datalex plc, which also served the airline industry with software products, enabling them to retail ancillary products from their booking sites. Over the decade of development and trading, Boxever tapped investors for €21m. Frontline Ventures, Delta, Enterprise Ireland, American VC Polaris, Bank of Ireland
Startup Fund, Hume Trustees, Nick Furlong and an angel investor group were among the backers.
Boxever demonstrated the deep faith Irish VCs have in complex tech by filling the company’s bucket every time it went to the well. How much they understood of Boxever’s complex code is unknown, but the VCs nursed the company until its moment in the sun arrived. According to expert observers, Sitecore was attracted to Boxever due to the move towards ‘as a service’ solutions to content management challenges. Sitecore is a leading digital experience solutions provider for global retailers, financial brands,