CMRC | Market Cap: $264.0M (07/13/26)
Industry:
Software

DESCRIPTION

Commerce.com (formerly BigCommerce) provides SaaS software that helps businesses sell products online. The company operates three core products: BigCommerce, an ecommerce platform for B2C brands, B2B sellers, and small merchants; Feedonomics, a product data management platform that distributes catalog data across channels including Google, Meta, Amazon, and AI discovery surfaces; and Makeswift, a no-code visual site builder for marketers. BigCommerce is sold directly and through agency and systems integrator partners. Feedonomics is platform-agnostic and serves large global brands regardless of which ecommerce platform they use. Commerce.com generates revenue through recurring SaaS subscriptions for BigCommerce (priced on merchant order volume) and Feedonomics (priced on SKU volume processed), plus partner and services revenue — primarily payments revenue share on GMV — which represents roughly 25% of total revenue. Enterprise customers account for approximately 76% of ARR, and B2B-oriented customers represent the majority of recent ARR additions. The company's key growth initiatives include launching BigCommerce Payments (a co-branded PayPal solution), expanding Feedonomics into a self-serve product for smaller merchants, and embedding AI capabilities to ensure merchant products are discoverable on AI-driven search surfaces. Non-GAAP gross margins approach 80%, reflecting the SaaS-heavy revenue mix, and Commerce.com expects to achieve GAAP profitability for the first time in FY26.

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