August 5 2017

Triangle Business Journal

ChannelAdvisor to expand global operations, again

Months after opening an engineering office in Madrid, Spainto expand its global research and development, Morrisville-based ChannelAdvisor is planning moves in Japan.

On a call with analysts late Thursday, CEO David Spitz said ChannelAdvisor will have a presence in Japan in 2018 and is investing further in its existing China operation. “We believe we’ve only scratched the surface in Asia,” he says.

Initially, the Japanese office will serve the export market “just as we have in China,” he explains.

Business in China grew by “the fastest rate in over a year” in the quarter, he says. Success in China gives it “natural advantages” as it expands to Japan, Spitz predicts.

He says the firm estimates $9 billion in export gross merchandise volume in Japan could be accessible to ChannelAdvisor.

And Japan isn't the only ChannelAdvisor outfit that will be hiring. The company increased its headcount 9 percent year over year, according to securities filings. And it plans to keep investing in the headcount, particularly in the sales arena, company executives said Thursday.

In addition to its Morrisville headquarters, ChannelAdvisorhas a presence in England, Ireland, Germany, Australia, Brazil, China and Spain.

Overall, ChannelAdvisor reported revenue of $30 million, an increase of 11 percent over last year. The company ended the quarter with 2,906 customers – not including the 50 it acquired with the recent acquisition of HubLogix Commerce Corp.

Spitz said the sales team had its “strongest performance in two years.”

ChannelAdvisor (NYSE: ECOM) opened Friday session on Wall Street around $10 a share.