Investment firm Snow Phipps acquires ECRM
BOSTON – BV Investment Partners on Thursday announced the sale of ECRM, an integrated services, software and data provider serving consumer product manufacturers and retailers, to Snow Phipps Group.
Financial terms were not disclosed.
“Over the last three years we have worked closely with CEO Greg Farrar and the management team to execute successfully on our multi-faceted strategic operating plan for ECRM," stated Justin Harrison, managing director BV. "The achievements include increasing attendance at existing EPPS meetings, expanding into new categories, acquiring a complementary outdoor sporting press event business, upgrading the software and creating year-round client engagement through the creation of unique content and revising the sales model," he said. "Greg and his team also successfully scaled and sold ECRM’s data business during the course of our ownership. We’re very pleased with the outcome of these efforts for both our investors and ECRM’s clients and employees.”
“After being recruited by BV at the time of its investment, we quickly put our heads together to architect the blueprints for the company’s growth strategy," Farrar said. "I’m proud of the work we did together and look forward to continuing to lead this organization and to providing exceptional service to our clients and industry partners.”
Co-founded by Ian Snow and Ogden Phipps in 2005, Snow Phipps generally targets companies in attractive sectors or sub-sectors and then utilizes its operating partners and management teams to seek to raise these companies to higher levels of growth and performance. "We consider ourselves to be constructive partners, not only financial investors," the firm states on its web page. "We believe our collective investment and industry experience enables us to evaluate investment opportunities and effectively work with management teams to execute our shared strategic vision."
Headquartered in New York, Snow Phipps has overseen the deployment of over $1.7 billion of private equity capital and co-investments in 17 platform investments and over 25 add-on acquisitions since inception.
ECRM drives efficiencies in the buying and selling processes between consumer product manufacturers and retailers via its portfolio of highly-focused, Efficient Program Planning Sessions and proprietary software that streamlines interactions between trading partners before, during and after each session. The company serves manufacturers and retailers within a number of key product categories including health and beauty care, general merchandise, food and beverage, pharmaceuticals and electronics.
BV acquired the business in July 2013 through a proprietary transaction with the company’s founding family, who maintained a minority position in ECRM.
Robert W. Baird & Co. served as financial advisor and Choate, Hall and Stewart acted as legal counsel to ECRM and BV Investment Partners in this transaction.
ModiFace allows shoppers to try on and buy lipstick on Facebook
TORONTO — ModiFace, which creates augmented reality technology for the beauty and medical industries, has launched the world's first conversational beauty adviser for Facebook Messenger.
The ModiFace chatbot, which has expert knowledge of over 5,000 beauty products, enables shoppers to search for their perfect makeup products by conversing with ModiFace and asking questions about color, brand name or shade name.
"Conversational interfaces are a great fit with shoppers interested in getting beauty advice easily on the go. This will be the first of many steps to expand and improve what is possible for consumers through a chat interface," read a statement on the ModiFace website.
The ModiFace bot utilizes advanced facial tracking and simulation technology, along with ModiFace's experience mapping and understanding beauty products. Once a consumer has found an ideal shade, she can try the product on her own photo by simply taking a photo within Messenger. Users are also able to purchase products directly from the bot, which connects to beauty retailers.
“What we always envisioned is to create the ultimate beauty advisor, and an AR try-on is certainly central to that. But having a conversational interface exactly as you would for a beauty advisor is key,” said Parham Aarabi, founder and CEO of ModiFace, in a recent article on betakit.com. “Beauty is a very social thing, and the ability to converse to find the right beauty products is key. So when Facebook opened up their platform so people can chat with bots, we thought this was perfect for our technology.”
ModiFace has produced makeup try-on apps such as L’Oreal Paris’ Makeup Genius and most recently developed an app for Avon.
The most disgusting new nail trend has gone viral
The latest nail craze all started when YouTube nail artist Cristine Rotenberg was challenged by her fans and followers to paint her nails with every single nail polish color she owns (more than 100 coats over 12 hours). She did it, and the results are three-dimensional and inspiring others to follow suit (Cosmopolitan).