San Juan Capistrano-based Emerald Holding Inc. (NYSE: EEX) said Wednesday it closed on its $34 million purchase of digital commerce software provider PlumRiver LLC.
The deal is seen as a way of building on Emerald’s existing trade show and events business by offering a digital solution for transacting between buyers and brands – the key activity that takes place at traditional, in-person trade shows.
Emerald, with a market cap of $377 million, typically puts on more than 140 events annually.
Pennyslvania-based PlumRiver’s Elastic Suite software lets the buying process now take place from anywhere and at any time. The technology also allows for order management, real-time inventory data and merchandising.
Elastic is already used by local brands such as Huntington Beach-based Boardriders, along with Vans and Volcom, both of Costa Mesa.
PlumRiver had 2020 revenue of about $11 million, according to a filing with the Securities & Exchange Commission.
The deal follows Emerald President and CEO Hervé Sedky’s official start date at the company on Tuesday. He took up the top spot from COO Brian Field, who was serving as interim president and chief executive. Field remains in his COO role.
Sedky previously served as president of the Americas business for event organizer Reed Exhibitions.