ReStage will acquire Salt Lake City-based Needle, a provider of live ecommerce chat solutions. No financial terms were disclosed.
DENVER, Aug. 28, 2020 /PRNewswire/ — reStage, a turnaround venture fund that invests in companies needing fresh operating expertise and capital, announced today that they will acquire Needle, a Salt Lake City-based company that provides live ecommerce chat staffed by passionate brand advocates. reStage is excited to help the company grow its unique offering that is increasingly relevant in today’s world of online-only engagement.
reStage is a venture fund launched by Denver-based Stage, a private equity group founded by Dan Frydenlund. In 2009, Frydenlund founded Stage to acquire companies in the midst of change due to economic shifts. Stage has grown substantially over the years and Frydenlund, seeing another time of economic uncertainty, decided to launch reStage with four new partners.
“We are going to see big market shifts due to COVID-19, I believe reStage is the perfect partner for companies, like Needle, who want hands-on investors with the patience and expertise to navigate growth in uncertain times,” said Frydenlund. “Needle has an excellent foundation for growth, strong technology, and their methodology for training and recruiting brand advocates is a big differentiator,” said Ingrid Alongi, reStage’s operating partner for Needle.
Needle is a technology and service platform for e-commerce brands who utilize advocates for live chat and customer engagement. Founded in 2010, Needle has an impressive list of brands that use their service to provide a differentiated ecommerce chat experience including TaylorMade, Stuart Weitzman, Sonos, and Bare Necessities.
“We are seeing increased demand for our services as brands are rethinking their online experiences in the wake of COVID-19,” said Brandon Anderson, CEO of Needle. “Stage is bringing us the operating expertise and capital we need to improve our offerings and continue to provide our brand partners with the level of service they have come to expect.”
For more information on Needle, please visit needle.com
For more information on Stage, please visit stagefund.com
Needle finds retailers’ most passionate fans (advocates) and connects them with shoppers in real time. They provide everything an ecommerce business needs to bring personalized service and real conversations to the online shopping experience. Needle offers full customization that fits the brand and seamlessly integrates it into their website.
Stage, founded in 2009, is a private equity firm focused on acquiring controlling interests in companies undergoing a change in capital structure, strategy, operations, or growth. Stage also has a venture fund, reStage, that offers early stage small and medium-sized enterprises both the capital and management expertise to rethink their approach to growth. Stage is headquartered in Denver, CO.