the unicorn Mirakl takes another step towards the stock market goal

During the covid crisis, the French startup Mirakl, already on the right track, changed its dimension. Your Core Business, Marketing Publishing [des plateformes de vente qui mettent en relation les clients avec des vendeurs tiers, ndlr] blew up… and your finances with it. In the space of 2 years, the company thus raised more than 880 million dollars (approximately 720 million euros). This colossal envelope allowed it to launch its acquisition strategy with a first acquisition in November 2021 – the startup Octobat, specializing in invoicing -, then launch a vast recruitment campaign for 1,700 positions over 3 years.

On April 28, on the occasion of its annual mass, the Mirakl Summit, the unicorn announced to its customers the new stages of its dazzling development. In the program: an acquisition, a horizontal extension of its activity to the management of payments and the recruitment of two new managers of listed companies. So many more steps towards the status of the large group for which the startup is destined.

Mirakl turns into a large group

For the 2022 edition of its Summit, Mirakl rented the Palais Brogniard, a prestigious building located in central Paris that previously hosted the Stock Exchange. Not an innocent choice, as the unicorn is one of French Tech’s best candidates for an upcoming financial market introduction. A sign of the company’s evolution, the last edition of the face-to-face Summit, in 2019, took place at Estação F, the startup totem.

From now on, Mirakl presents itself as a solidly established group, leader in its sector, which no longer suffers from the instability of certain shoots. At the beginning of the year, the company presented its turnover for the first time, which amounted to more than 100 million dollars (87 million euros) recurring in 2021.

To keep up with its change in size and image, the unicorn hired Worldline’s CFO (a CAC 40 company), Eric Heurtaux, as well as Patrick Houry, Human Resources Director at another listed company, Akka Technologies. “VSThese are symbolic recruitments. It’s not every day that a startup recruits the CFO of a CAC40 group“, welcomes Philippe Corrot, co-founder and co-CEO of Mirakl.

The external growth machine well underway

As for the other leading figures at French Tech, Mirakl’s new growth phase is now going through a mergers and acquisitions (M&A) strategy, in order to integrate already mature software into its offer. For its second acquisition, the unicorn has its eye on Target2Sell, a French SME with 30 employees, whose tools will allow marketplace operators deployed by Mirakl to better organize their customers’ journeys. Unicorn particularly insists on the effectiveness of Target2Sell’s algorithms in curating products on a large scale. The purpose of this integration: to improve the conversion rate of marketplace operators by 15% on average.

According to Eric Corrot, Target2Sell stood out after studying over 250 other potential targets, so it’s a coincidence that it’s French. Unicorn remains open to further acquisitions as it has already fully integrated the announced products.

Mirakl extends horizontally

Mirakl has built its success on its ability to quickly build customized and efficient markets. Since 2019, it has also offered customer operators access to a base of partner sellers, so that they can strengthen their product offerings on their marketplace. On April 28, it announced that it was entering a new market, payments. “The integration of international sellers presents new challenges in terms of financial complexity, regulatory compliance, exchange rate management and currency payment”, she presents.

To address these challenges, the startup will deploy payment software called Payout. Specifically, the latter will be responsible for managing the payment of market operators to their foreign outsourced sellers. Mirakl, therefore, does not yet place itself between the customer and the market, but only between the market and its sellers. By assuming the difficulties associated with the integration of sellers from different countries, the startup projects that its customers will be able to welcome a greater number of them and, thus, make the offer of its platform more attractive.

The option, integrated with the mother software (Mirakl Marketplace Platform), will adopt the classic SaaS economic model. Operators will pay a subscription to access these new tools and the startup will charge a commission on their transaction volume. Today, Mirakl’s customers must turn to external service providers – often fintechs – that are not necessarily specialized in the very specific financial flows of markets. The start-up hopes its customers will prefer to rely on its strong industry experience and integration into its centralized tool.

The payment feature will be released in the fall and will act as a payment crash test. Asked by La Tribune, Philippe Corrot does not prefer, at the moment, to communicate his projections for this segment, apparently very promising, and in which the startup should continue investing. “Payout is the first product in a future suite of financial products and services to help operators and providers manage, expand and expand their businesses, generating additional sustainable revenue for Mirakl“, she wrote in her press release.