A leading solution provider in the Adobe Commerce (Magento) ecosystem. With 15 years in the market , the company offers over 300 Magento 2 extensions and solutions. It serves a customer base exceeding 20,000 clients and has successfully completed more than 1,700 projects. The company is recognized as a premier choice for Magento 2 extensions and holds the #1 position by sales among its direct competitors.

Market Position

The Digital Commerce Application market is experiencing significant growth due to the continued expansion of eCommerce. Adobe Commerce (Magento 2) holds a leading position among Digital Commerce Platforms (DCP) , being 1.8x more popular than its closest competitor. The company operates within this growing market as a key extension provider for the Adobe Commerce platform and maintains a top position among Magento extension developers.

Geographic and Customer Diversification

The company serves a diversified global customer base. Sales are primarily generated from Europe (47%) and North America (35%) , with client distribution showing similar proportions (Europe 54%, North America 29%). The client base spans various product categories, with Fashion & Apparel representing 20% , Home & Garden 13%, and Other Lifestyle, Computers & Electronics each accounting for 10%.

Business Model and Strategy

The business model focuses on providing a comprehensive solution to clients, including extensions and upgrades via subscription, customization, optimizations, integrations, maintenance, support, and security. The company is actively working to enhance its second-year retention rate, which significantly improved to 59% in 2022 and 64% in 2023.

Growth Initiatives

The company is pursuing several growth strategies, including:

Organic Growth in Magento

Leveraging Magento’s steady 10-15% annual growth through its subscription model and market leadership.

Expansion into Shopify

Developing plug-ins to tap into Shopify’s faster-growing, SMB-focused platform, which is growing at 20-25% annually. The company has shown substantial growth in users on alternative platforms like Shopify and Wix since August 2023.