Wellington Financial today announced it has extended an $8-million debt facility to Vancouver’s Elastic Path Software.
Elastic Path, which was founded in 2000, supplies its ecommerce platform to clients such as Google, Time Inc., and Virgin Media. The company now has more than 150 employees, and is recognized on the Gartner Magic Quadrant for ecommerce.
Wellington CEO Mark McQueen said Elastic Path is a company with global reach.
“Elastic Path’s success has been recognized on the PROFIT 100 list of Canada’s Fastest-Growing Companies for four consecutive years. With impressive customers such as Google, Pearson, Symantec, and Virgin Media, Elastic Path has developed an advanced platform that is helping hundreds of enterprises worldwide. We are proud to continue to back many of Canada’s best innovation companies,” said Mark McQueen, President and CEO of Wellington Financial.
Elastic Path CEO Harry Chemko said the capital infusion will allow the company to speed its course.
“As digital commerce moves quickly beyond websites and mobile apps into a new era of APIs and smart devices, there is tremendous demand for technology that will help businesses keep pace. With the support of Wellington Financial, we can now accelerate our innovation as we develop the software platform for this next generation of commerce. We look forward to working with them.”
The API (application programming interface) landscape is clearly changing. A recent article in Retail Week talked about how U.K. retailers such as Tesco, John Lewis and Asos are following the lead of Facebook and Google and staging “hackathons” that open up their API , to combine their sites with others. One Tesco experiment resulted in an app that allows customers to buy ingredients for recipes featured in its own magazine.