The total amount of the deal was not disclosed.
The combination of AppDirect and TBI will allow advisors to accelerate growth through an extensive multi-category catalog, the ability to offer more value-added services, and exceptional customer service. It's going to give advisors industry-leading digital tools to help their businesses find, buy, and manage technology.
The acquisition will bring the best of both companies to advisors and their customers, according to AppDirect. The acquisition comes at a time in the post-pandemic B2B technology landscape when advisors are increasingly at the centre of SMBs buying decisions. In a statement, AppDirect said that a growing number of business buyers are looking to purchase tech solutions from a marketplace where they can single-source all of the products they need.
We covered AppDirect about two years ago when it received an $80 million investment from CDPQ for the launch of AppDirect Capital, a program that offers a set of innovative funding programs that are dedicated to the growth and transformation of channel partners.
AppDirect is the only subscription commerce platform that sells, distributes, and manages cloud-based products and services to succeed in the digital economy, founded in 2009 by Daniel Saks and Nicolas Desmarais. AppDirect is a cloud service commerce platform that unites providers, developers and consumers of cloud services into a single platform. It makes it easy for businesses to find, buy, manage, and monitor cloud services from a central location, and it gives businesses new opportunities to distribute, sell, and market cloud services.
AppDirect-powered marketplaces, billing and distribution, and reselling services, help providers like Telstra, ADP, Samsung, Deutsche Telekom, and others connect millions of businesses to solutions from Microsoft, Google, Box, and more. After a few investors talked about AppDirect, Inovia Capital raised $600 million for its early- and growth-stage funds.
Since it started funding in 2015, AppDirect has seen a lot of growth across all indicators, increasing Gross Merchandise Value GMV by more than 1500 percent since 2015 to over US $1 billion, expanding its global footprint and servicing more than 2000 merchants around the world. The funding supports accelerated organic expansion, strategic acquisitions, and additional hiring.