Fry Multimedia, which creates and hosts
e-commerce sites for such clients as 1-800-Flowers.com, Crate & Barrel, Eddie
Bauer and Staples, said it has received venture capital funding from
Boston-based Summit Partners.
Under the terms of the agreement, Summit acquires a minority stake in Fry
Multimedia and one seat on the company’s board of directors. Although the
amount of the investment was not disclosed, Summit, an early investor in
Hyperion, Network Associates and IntelliQuest, typically invests between $10
million and $120 million in a venture financing.
The funding marks the first outside investment in six-year-old Fry, a
profitable, privately owned organization with more than 150 employees.
“We believe that Fry
Multimedia will be one of the long-term winners in e-commerce,” said Tom Roberts, general partner of Summit Partners. “Fry has an
exceptional track record of creating sites that both replicate the richness
of the customer experience of leading retailers’ brick-and-mortar stores and
that also maximize the cross-selling,
customization, inventory control and other technological possibilities.”
Said David Fry, founder and president of the company: “While we have always
been well-capitalized, the significant investment from Summit reinforces our
ability to ensure that our infrastructure, human capital, processes, controls
and training programs stay ahead of our market’s growth trajectory and the
future needs of our clients.”
Fry Multimedia develops Internet, intranet and extranet Web sites for
consumer and business-to-business marketers, specializing in e-commerce,
branding and corporate identity sites.